Geological exploration to be granted a preference on account of income tax

​The Ministry of Natural Resources completes the development of the system of deduction the expenditure on geological exploration out of the income tax base with a higher coefficient, the Minister of Natural Resources, S. Donskoi, said.

In April he announced of the approval of the system in general with the Ministry of Finance and Ministry of Economic Development. He said then that it is planned to apply a higher coefficient of 3.5 for the Far East and 2 for the rest part of the country to the deduction of expenditure on geological exploration out of the income tax base.