The legislative assembly of the Yamal-Nenets Autonomous Area has supported the federal law which sets forth specific terms and conditions governing tax breaks for entities entitled to preferential tax regimes. Members of Yamal’s regional parliament approved an opinion on this law titled Amending Parts 1 and 2 of the Tax Code of the Russian Federation. In it, they suggested adding companies registered in the Arctic Zone to the list of entities entitled to benefits under this law.

“We suggest adding a provision to the draft law for <…> giving the regions of Russia the authority to set differentiated tax rates and define additional terms for offering organizations registered in Russia’s Arctic Zone a lower rate when paying profit tax to the national budget,” the document reads.

This opinion has been submitted to the State Duma’s Budget and Tax Committee.

Governor of the Yamal-Nenets Autonomous Area Dmitry Artyukhov and Minister for the Development of Russia’s Far East and the Arctic Alexei Chekunkov had met in Moscow to discuss investment projects and the region’s development. During their February meeting, they talked about introducing tax breaks and administrative preferences for Russia’s Arctic Zone in an effort to create a favorable environment for undertaking various projects.