Arctic Regions Need Authority to Offer Tax Benefits: Official

The acting governor of Russia’s Murmansk Region, Andrei Chibis, said in an interview with state-run news agency TASS that the country’s Arctic regions should be given the authority to offer tax benefits to investors.

“A region should keep authorities, an instrument to support and stimulate investments,” he said. “We are very interested in investors working in our region, so that they invested money, developed, and upgraded our facilities,” Chibis said at the St. Petersburg International Economic Forum (SPIEF).

According to him, this is one of the main positions that the region is trying to convey to the federal authorities, including in the framework of work on the law on the Arctic. At the same time, the acting governor noted the effectiveness of federal support measures, including tax.

The policies of tax benefits should be balanced and accurate, as every regional budget depends on received tax payments, he added.

“If every company receives benefits, then the budget will be short of taxes, while social infrastructure is being exploited,” he said.

The 2019 SPIEF is being held June 6-8 in Russia’s “northern capital” of St Petersburg. The event’s motto this year is “Creating a Sustainable Development Agenda.” The event, considered as Russia’s response to the Davos forum, is organized by the Roscongress Foundation.