• 2020 July 14 16:46

    Vladimir Putin signs the package of federal laws on the system of privileges in the Arctic

    Russian Arctic becomes the country's and the world’s largest economic zone of almost 5 million square kilometers enjoying the unified privileges

    On 13 July 2020, Russian President Vladimir Putin signed the package of federal laws on the system of privileges in the Arctic. The package of documents developed by the Ministry for the Development of the Russian Far East and Arctic includes the law on state support of entrepreneurial activity in the Russian Arctic and related amendments into Part 2 of the Tax Code and certain legislative acts of the Russian Federation, says the Ministry.

    The package adopted by the State Duma of the Russian Federation on 7 July 2020 was approved by the Federation Council on July 8.

    With the new package of laws, Russian Arctic becomes the country's and the world’s largest economic zone of almost 5 million square kilometers enjoying the unified privileges exceeding those of the European and Asian SEZs.

    Potential resident of the Arctic Zone can apply from August 28 since the laws will enter into force 45 days after signing by the President and official publication. Commercial organizations or individual entrepreneurs with at least 1 million rubles of implemented and planned capital investments will be eligible to become Arctic residents. They should have no tax/duty debt exceeding 25% of the asset balance.

    The law resets to zero the part of the corporate profit tax payable to the federal budget, provided that the region will reduce the rate of the profit tax payable to the regional budget. The measure will be applicable for ten years from the first receipt of profit on the activity in the Arctic zone under an investment agreement. To be eligible for the tax relief, companies must also keep separate records of the revenues and expenses generated by the activity in the Arctic and by any other operations elsewhere.

    A rebate on severance tax is introduced for 2021-2032 with regard to the production of specific types of mineral resources (oil shale, peat, saleable ore, non-metal commodities, diamonds and other things) in the new subsurface site in the Arctic zone. Coal and hydrocarbon production will not be eligible for the rebate. New subsurface sites include those where the depletion of reserves will be equal to or below 0.001 as of January 2021, or the sites that are not recorded in the national reserves register as of the same date. The tax rebate may not be over 50 percent of the tax paid in the respective taxable period.

    In addition, the package of laws provides for the possibility of organizing a free customs zone in separate sections of seaports, airports, and on certain land property of resident companies.

    A number of measures are also provided for the development and protection of the traditional economic activities of the indigenous peoples living in the Arctic. In particular, a public council will be created to conduct independent monitoring of interaction between residents and indigenous people and to develop measures to protect the environment.

    According to the new laws the following 31 territories are added to the Russian Arctic: Kostomuksha city district, Segezha municipal district and Kalevala national district in the Republic of Karelia; Inta and Usinsk city districts and Ust-Tsilemsky municipal district in the Republic of Komi; the villages of Surinda, Tura, Nidym, Uchami, Tutonchany, Yessei, Chirinda, Ekonda, Kislokan, Yukta of the Evenki municipal district in the Krasnoyarsk Territory; and Leshukonsky and Pinezhsky municipal districts in the Arkhangelsk Region. Thus, the Russian Arctic includes four constituent entities of the Russian Federation and 45 municipalities.

    Related links:

    RF State Duna adopts a package of laws on privileges in the Arctic >>>>

    Revised Arctic Development Strategy submitted to RF Government >>>>

    Aleksadr Krutikov: Arctic development to continue as planned with inevitable adjustments >>>>




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
17:42 ADNOC signs second long-term Heads of Agreement for Ruwais LNG Project
17:37 Cemre Marin Endustri shipyard holds launching ceremony for CMAL's MV Isle of Islay
17:24 Fortescue successfully conducts world’s first use of ammonia as a marine fuel in a dual-fueled ammonia-powered vessel in the Port of Singapore
17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
15:17 HD Korea Shipbuilding awarded contracts for three VLACs
14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
11:31 Davie strengthens Québec’s shipbuilding industry by supporting the reorientation of AFCDC
10:44 Storylines and Brodosplit shipyard renew ship building contract to construct private residence ship
10:25 BOEM announces environmental review of proposed wind energy project offshore New Jersey
09:51 First ‘flying’ electric ferry to debut in New Zealand in 2025

2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
15:22 ABS Wavesight Nautical Systems now supports fully digital, streamlined SIRE 2.0 inspections
14:15 TechnipFMC selected by NEP to deliver the first all-electric iEPCI for CCS
13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
13:47 Van Oord, Van Aalsburg partner to further develop circular fascine mattresses
12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
10:54 ULSTEIN unveils new subsea vessel for offshore energy tasks

2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
16:05 Marine fuel sales at Singapore drop to a three-month low in February
15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
13:25 MABUX: Bunker Outlook, Week 11, 2024
12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
11:35 Hapag-Lloyd transport volumes up by 0.5% to 11.9 million TEU in 2023
10:51 NYK and Astomos Energy christen new dual-fuel LPG carrier
10:25 Port of Long Beach container volume up 24.1% to 674,723 TEUs in Feb 2024

2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
17:23 Ascenz Marorka obtains type approval for cyber-security from Bureau Veritas for its digital solutions
16:58 USDOT announces $500 mln for ports available through the Port Infrastructure Development Program
15:44 RINA wins contract to create global investment plan for cruise sector
15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
13:13 Cargill posts results of the six-month test period of the world’s first wind-powered ocean vessel
12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
11:58 MOL announces delivery of LNG-fueled car carrier CERULEAN ACE
11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
17:16 The shipping industry to need €3.7 trillion by 2050 to move towards a zero-pollution era
16:25 China Classification Society and MAN ES sign dual-fuel methanol engine agreement