Magadan Region Boosts 2025 Budget to 91.9 Billion Rubles, Focuses on Social Projects and Tax Incentives
The Magadan Regional Duma has been deliberating strategies to boost regional budget revenues and enhance tax laws. The proposed budget for 2025 sees a significant increase, with a focus on socially beneficial projects and economic development.
Sergei Nosov, the regional governor, led the discussion with the Standing Committee on Economic Development, Budget, and Finance. The committee proposed a total revenue increase of 11.9 billion rubles, bringing the budget to 91.9 billion rubles. This boost is largely attributed to additional tax revenues from mineral extraction and organizational profits.
The increased funds will be allocated to various socially significant projects. These include the construction of a maternity hospital and a marine logistics center, as well as medical assistance for military personnel. The draft laws presented also include tax exemptions for 'Russia Post' and organizations investing in their own fishing fleet, aiming to stimulate economic growth.
The committee supported amendments to the Law 'On Interbudgetary Relations in the Magadan Region', aiming to increase revenue for local budgets. The 'Children's Budget' is set to reach 15.8 billion rubles after adjustment, reflecting the region's commitment to social welfare.
The total expenditure for the 2025 regional budget is proposed to increase by 11.1 billion rubles to 93.4 billion rubles, demonstrating a balanced approach to budgeting. The regional budget maintains a strong social focus while increasingly becoming a budget for development, as seen in the proposed projects and economic incentives. The committee also discussed a new coefficient reflecting regional labor market features for 2026, with an estimated patent cost for foreign workers of 12,383 rubles, indicating a proactive approach to regional economic planning.
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