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Almost 800 business residents work in Russian Arctic Zone — minister

The amount of investments is about 2 trillion rubles ($22 billion)

PETROZAVODSK, March 22. /TASS/. The number of business residents working in the Russian Federation's Arctic Zone is almost 800, and their investments are about 2 trillion rubles, Minister for Development of the Far East and Arctic Alexey Chekunkov said during a working trip to Karelia.

"We are approaching the level of 2 trillion rubles ($22 billion) in investments from almost 800 business residents of the Russian Federation's Arctic Zone," he said.

The measures, that have demonstrated positive effect in the Far East, are being implemented in the Arctic, he continued. "In some cases they turn are even more aggressive, in a good sense, and this is clear from the dynamics of investors," he added.

The Russian Federation Arctic Zone's incentives apply to all the nine Arctic regions - those are special tax and administrative regulations. For example, the business residents are eligible for a 0% income tax for 10 years, and a 0% land tax for the first 3-5 years (with the exception for the Nenets Autonomous Region and the Krasnoyarsk Region).

Business residents enjoy free customs procedures in equipped areas, where foreign goods are imported and used free of customs duties and VAT, and Russian goods are eligible for excise duty and are free of export customs duties.

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