Under a law approved by the local legislature, the exemption will be in effect from 2025 to 2034, Press Service of the Magadan Region Government reports.

The money thus released will be used to upgrade and develop the on-shore processing industry and implement social projects.

“The exemption will enable companies to buy new boats and the budget will eventually benefit from profit tax revenues. This is a profitable investment in the industry and regional development,” legislator Pyotr Golubovsky said.