• 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 >>>>




2021 July 30

18:22 MEYER WERFT gets new order for a residential yacht
18:10 NYK Line announces delivery of the new LNG carrier Diamond Gas Victoria
17:59 Nutrien and EXMAR partner in building a vessel powered by low-carbon ammonia
17:06 Port of Rotterdam with partners sign an agreement to a joint study for commercial-scale hydrogen imports
16:21 Rhenus plans to acquire the Polish freight forwarding and logistics company C. Hartwig
15:42 Free-to-download report on the status of O&G storage and transshipment industry in Russia
15:21 Half of Dutch hydrogen projects are located in Rotterdam
14:49 Sredne Nevsky Shipyard lays down passenger ship of Project A45-90.2 named Victor Astafyev
14:20 Bollinger Shipyards celebrates commissioning of fast response cutters Henry, Hazard and Hatch in Apra Harbor, Guam
13:58 Balakovsky Shipyard launches hydrographic boat of Project Е35.Г, Yury Osokin, for Northern Sea Route
13:15 Maersk pioneers first block train for Decathlon from Vietnam to France
12:53 Warships of Iran, India and Pakistan navies left Kronstadt after participating in the Main Naval Parade
12:34 12th Dredging & Land Reclamation Asia Summit to be held on September 27-30
12:15 Konecranes wins first customer for EPA-approved new diesel-to-hybrid conversion technology
11:49 Changes in Finnlines’ Management: Marco Palmu appointed as Head of Passenger Services
11:26 Handling of dry bulk cargo in Azov-Black Sea Basin expected to grow by 2035
11:20 MAN Energy Solutions and ANDRITZ Hydro agree on hydrogen cooperation
11:03 Broad scope of Wärtsilä solutions selected for OHT’s next-generation wind turbine installation vessel
10:57 Russian cargoes leave neighboring countries’ ports for domestic terminals
10:21 ONE launches Marine Safety and Quality Campaign 2021
10:15 New container terminal for 2,000 TEU put into operation in Novorossiysk
09:38 Nevsky Shipyard welcomes students for summer internship
09:20 Baltic Dry Index as of July 29
09:09 Crude oil market sees downward price correction after a two-day long growth

2021 July 29

18:26 GTT appoints its new Chief Financial Officer
18:06 PGNiG terminates Port Arthur LNG agreement
17:54 FESCO, RZD Logistics and Nurminen Logistics launch regular intermodal service from Asia-Pacific countries to Finland via CPV
17:36 PGNiG Group expands its fleet of gas tankers
17:16 The Hebridean Princess returns to ABP’s Port of Cardiff
16:58 Okskaya Shipyard to build five tugboats of Project NE025 for Marine Rescue Service
16:42 Ever Given arrives to the port of Rotterdam
16:34 PGNiG to purchase more LNG from Venture Global LNG
16:17 Kalmar to deliver 12 straddle carriers to long-term partner Medcenter Container Terminal in Italy
15:56 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
15:11 Railway traffic launched through the second Baikal tunnel
14:48 Rosmorport's Petropavlovsk Branch takes part in exercises on maritime search and rescue of people
13:59 The Maritime and Port Authority of Singapore forms Global Centre for Maritime Decarbonisation
13:15 Hydrographic Company to hold auction for construction of Arc7 hydrographic ship
12:37 Baltiysk ferry meets ISM Code requirements
12:13 Sembcorp Marine bags 24 Workplace Safety and Health Awards
11:46 Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021
11:08 MARAD awards vessel acquisition management contract to Crowley
10:43 Rosmorport’s tugboats assisted sailing boat Pallada mooring in Egvekinot and Provideniya ports
10:08 Thun Tankers announces the launching of product tanker Thun Empower
10:00 British Ports Association welcomes the resumption of international cruise in England
09:35 Baltic Dry Index as of July 28
09:18 SCHOTTEL to deliver a total of ten rudder propellers and two transverse thrusters to Sanmar Shipyards
09:09 Crude oil prices rise on reduction of US reserves
08:00 Verifavia shipping highlights widespread confusion over EEXI technical parameters
07:55 Drewry launches shipmanager Steering Group to power vessel opex benchmarking

2021 July 28

18:20 NOVATEK announces consolidated IFRS results for Q2 and H1 of 2021
18:01 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
17:09 PSA & ONE team up to enhance sustainability and reduce maritime environmental footprint
16:28 ECSA and ETF welcome WHO decision to prioritise seafarers’ vaccination
16:03 Rosmorrechflot supports the International Conference “Development of Icebreaking and Support Fleet”
15:42 ERMA FIRST adds world’s smallest ballast water treatment system to product range
15:18 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea
14:51 Oleg Shakhmardanov appointed as head of FSBI Moscow Canal
14:10 MAN wins the world-first order for methanol engine within container segment
13:56 Amursky Shipyard should enter the APR markets – Prime Minister Mikhail Mishustin