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Business in the Arctic area: new law and amendments to the Tax Code

Business in the Arctic area: new law and amendments to the Tax Code

Business in the Arctic area: new law and amendments to the Tax Code

Yesterday, the Russian Government submitted a number of draft laws, connected with the state support for business in the Arctic zone to the State Duma. We are talking about a completely new law, two laws, amended for the Tax Code and the law with technical amendments for certain legislative acts.

1. Legal regime of the Arctic area and its residents (draft law No. 895550-7)

The commercial organizations and entrepreneurs can be residents of the Arctic area, if they have passed the appropriate registration. For this, the necessary package of documents, including a business plan, should be submitted to the management company.

If the subject complies with the conditions, established by the law, an investment agreement is concluded with him. One of the important criteria is the minimum amount of capital investment - 10 million rubles.

Anyone, who has the status of a resident of the Arctic area, will be able to receive tax benefits at all levels, apply the procedures of the free customs area, use the features, established by labor, land, urban planning and other legislation. There are also peculiarities of applying control and supervision measures to residents.

The following management structure is proposed for business development in the Arctic area: a state commission, an authorized ministry and a management company.

2. Changes to the Tax Code (draft laws No. 895545-7 and в„– 895543-7)

A new category of payers is introduced - a resident of the Arctic area. It is possible to calculate the income tax, paid to the federal budget at a rate of 0%. This will be valid for the first 10 years from the start of the income generation.

For some services, a VAT rate of 0% is set. VAT on the sale of goods under the free customs area procedure will be possible to calculate at the same rate.

The second bill relates to the development of prospecting, exploration and production of hydrocarbon raw materials, therefore, it involves changes in the tax on mining.

3. Amendments to the certain legislative acts (draft law No. 895557-7)

Corresponding amendments have been prepared for customs, land and urban planning legislation, etc.

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