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Karelia offers tax benefits for business in Arctic zone

The benefits will be offered to companies, working in promising directions, to individual entrepreneurs, including those who work in tourism

PETROZAVODSK, October 11. /TASS/. A bill on easier tax obligations for businesses in the Russian Arctic zone, initiated by Governor Artur Parfenchikov, passed Karelia’s legislative assembly, its speaker, Elissan Shangalovich, told reporters.

"Presently, we offer big tax benefits in the Arctic regions, and it becomes very attractive to develop businesses, to open new companies there," he said. "Local taxes will be practically inapplicable for a few years."

Companies, opened in Karelia’s Arctic regions - Kemskiy, Loukhskiy, Belomorskiy - after January 1, 2020, will not pay property tax for five years after first received revenues. Tax holidays will be available also for energy-effective enterprises and for owners of the regional historic heritage property.

The benefits will be offered to companies, working in promising directions, to individual entrepreneurs, including those who work in tourism, the legislator added.

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