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Tax benefits for investors in Arctic to favor nine projects worth $235 billion

The preferential terms include a simplified procedure of obtaining land, curtailed inspections, and protection in court

MOSCOW, February 19. /TASS/. New tax benefits for investors in the Arctic will favor implementation of nine major projects worth 15 trillion rubles ($235 billion), Deputy Minister for Development of the Far East and Arctic Alexander Krutikov told a forum dubbed Arctic 2020 on Wednesday.

Earlier, Russian legislators supported amendments to the Tax Code, introducing benefits for investors in new projects in the Arctic. Quite a number of preferential terms will be offered to mining companies.

"According to estimations by the Ministry of Energy, those tax benefits alone will favor launching nine big economic projects in the Arctic, worth 15 trillion rubles in investments," the deputy minister said, without naming the projects.

The proposed changes include a residential status to Arctic businesses, investing at least 10 million rubles ($156,000) in new projects. The status means certain tax and non-tax benefits, including optional free customs zones, simplified procedure of obtaining land, curtailed inspections, and protection in court.

The 5th international conference Arctic 2020 is underway in Moscow through February 20.

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