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Russian government adopts subsidies' eligibility criteria for Arctic projects

The benefits may apply to projects worth at least $3.8 million unless their state support exceeds 20% of the announced private investments, according to the official document

MOSCOW, March 20. /TASS/. The Russian government has adopted requirements for investment projects in the Arctic, eligible for subsidies to establish the infrastructure. The benefits may apply to projects worth at least 300 million rubles ($3.8 million), whose state support does not exceed 20% of the announced private investments, the document reads.

The government has been working on incentives for investors in Arctic projects, including tax benefits and preferences for mining companies.

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"The selection criteria for investment projects are as follows: <…> the investment project’s total cost is not less than 300 million rubles, <…> the total amount of state support for the investment project does not exceed 20% of the announced private investments in the project’s implementation," reads the statement published on the legal information website.

Besides, a project should offer new jobs, and the production facility should be located in the Arctic. The project’s objectives should comply with the plans for social and economic development of the Russian Arctic zone.

In February, the government submitted to the State Duma a package of bills, drafted by the Ministry for Development of the Far East and Arctic, on incentives for investors in Arctic projects. Any entrepreneur registered in the Arctic ready to implement a new investment project and invest at least 10 million rubles ($125,800) will be able to obtain a resident status, which implies a number of tax incentives and non-tax preferences, the documents informs.

The set of incentives for mineral companies includes reduction to 5% of the mineral extraction tax rate for a 15-year period for offshore oil production projects, zero mineral extraction tax rate for 12 years for liquefied gas and gas-to-chemicals production and zero mineral extraction tax rate for the first 12 years to be gradually increased to a full rate in the period between the 13th to 17th year for new oil provinces in the Eastern Arctic. Subsidies for other projects are also provided, particularly a zero profit tax for a ten-year period.

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