ST. PETERSBURG, November 11. /TASS/. 'Incentive privileges' as a key factor in the Arctic's development will replace classical tax benefits during the work on a bill on the Unified Advanced-Development Territory, Director of the Russian government's Institute of Legislation and Comparative Law, Deputy President of the Russian Academy of Sciences Taliya Khabrieva told reporters at the 12th International Arctic Legal Forum.

"First of all, conditions will change for businesses, and we need to understand that this law is different from others since it introduces not only tax and other preferences, and it is attractive because when businesses invest - and here projects are long-term, designed for a long time - they receive guarantees that conditions will not change," she said.

According to the expert, the new law will unify disparate legal regimes, as well as synchronize economic tasks with the region's social requirements. The document's concept implies a direct link between support measures and the social contribution by businesses, she stressed. In particular, the creation of high-paying jobs and the fulfillment of social obligations will become conditions for obtaining certain benefits.

"This is the first such law of the kind that focuses not just on introducing benefits, but specifically on incentive privileges," she added. "We have high expectations from it."

The unification of requirements will also make it possible to consider investment projects not just as business projects, but also as projects aimed at creating conditions for life and work in harsh climatic conditions, the expert said.

The unified advanced-development territory will operate from January 1, 2027 to December 31, 2100. The new incentive conditions are aimed at diversifying the economy and increasing the added value created in the Far East and the Arctic. The unified advanced-development territory is designed to improve the regulation quality and create long-term conditions for the implementation of priority capital-intensive projects.