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Nornickel suggests investment tax deduction for Arctic social projects

September 06/ 08:11

Vladivostok. The Norilsk Nickel Company (Nornickel) suggested using an investment tax deduction for social projects in the Arctic, including in housing renovation in Norilsk.

"We suggest introducing an investment tax deduction in implementation of social projects," the company’s Vice President Dmitry Pristanskov said at the Eastern Economic Forum on Thursday. "For example, the program to develop Norilsk (the Krasnoyarsk Region) includes housing renovation. The cost is huge - more than 80 billion rubles ($1.2 billion), and Nornickel undertakes a part of it. Such projects are impossible without state support."

There are 862 apartment houses in Norilsk, including in the Snezhnogorsk compound. The average age of outdated houses in the city is about 45 years. Earlier reports said about 160 houses may be included in the renovation program.

In November 2017, the Russian legislators adopted a law, which amends the Tax Code with a provision on the investment tax deduction. A taxpayer has a right to decrease the income tax, payable to the regional budgets, by the investment tax deduction. The tax, payable to the federal budget, may be decreased by an amount, which makes 10% of the company’s expenses on purchase or upgrade of main assets facilities.

The fifth Eastern Economic Forum is being held in Russia’s Vladivostok on September 4-6, told TASS. Roscongress Foundation is the organizer of the event. TASS news agency is the event’s general information partner, the official photo hosting agency and moderator of the presentation zone focusing on the Russian Far East’s innovation opportunities.

Photo: TASS

 

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