Tax breaks crucial for port development
A Rosmorport strategic development plan says Arkhangelsk and other Arctic ports should get special economic zone status to attract investments crucial to development.
Although not very successful in Murmansk, Russia’s state-owned port operator Rosmorport says tax breaks would be crucial to get investors to develop port infrastructure in other Arctic ports. In a strategic development report for port developments in the years towards 2030, Rosmorport says such tax break zone are especially needed in Arkhangelsk, due to the ports increasing importance in the development of oil and gas in the future.
The economical port of Arkhangelsk at the mouth of the Dvina River is actively used for shipment of pipelines to petroleum projects in the Russian Arctic. The establishment of special port zones is intended to give significant tax and customs benefits and result in reduced administrative barriers to trade and business.
Rosmorport argues establishment of special economic regimes with tax breaks are needed in the north due to the required large scale investment in port infrastructure than in other southern ports of Russia.
Murmansk is currently the only port in European Russia with such statues. Tax breaks regime was granted to Murmansk in November 2010, as previously reported by BarentsObserver, but the port zone has so far not boosted investments in port infrastructure.