Russia offers tax sops on oil extraction in Arctic

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Russia offers tax sops on oil extraction in Arctic By TII News Service Dec 28, 2012 , Moscow
TO attract investment in oil extraction sector, Russia has offered tax holidays between 5 to 15 years to new oil projects in the Arctic Shelf from 1016. Russia has also offered exemption from export duty and VAT on capital assets. Offshore projects are also eligible for 5% tax rate as compared to the general rate of 30%.

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