Official Online Portal News

Russian President Vladimir Putin has signed off a new law on mineral extraction tax incentives for hydrocarbons produced in Yamal and the Nenets Autonomous District, reports official news agency Arctic-info. The document [signed] also refers to the resources that are extracted in Eastern Siberia, the Sea of Japan, the Gyda Peninsula and the Bazhenov Suite. According to the official online portal of legal information, the law was signed on June 28, 2014. A tax rate of 15% is set for hydrocarbon raw materials produced on new marine deposits. For a number of fields, the law introduces a zero rate of mineral extraction tax. In particular, for oil fields in Yakutia, the Irkutsk and Krasnoyarsk regions it will remain in effect until a level of oil production of 25 million tonnes is achieved.