Achievement of sustainable development of the Russian regions against the background of continuing crisis phenomena can be ensured by accelerating economic growth. Preconditions for the intensive development of the regions of the Russian Federation should be created by the state. Conducting an efficient tax policy is recognized as an important and necessary factor of success. For regions of the North and the Arctic, characterized by extreme natural conditions complicating economic activities, and demonstrating unequal levels of socio-economic development, solving the problem is most relevant and requires evaluation of the results obtained in the course of implementation of regional tax initiatives. We grouped the North and Arctic regions by degrees of economic activities. Based on the grouping, economic consequences of implementation of the tax policy in the North and Arctic regions were evaluated. It was shown that regional tax initiatives in terms of granting benefits for tax on profit are characterized by varying degrees of activity. As a rule, the highest tax activities are noticed in the regions with high economic potential but they are not always accompanied by expected positive economic effects. It is caused by a number of factors including imperfect taxation system, activities of export-oriented companied, involved in consolidated groups of taxpayers, operating in the North and the Arctic regions, etc. It was also shown that in some regions of the North and the Arctic conducting a moderate tax policy ensures higher effects of the economic development. It was found out that regional tax initiatives estimated by sums of shortfalls in budget revenues due to provision of tax incentives for tax on profit are less significant and cannot compete with the federal ones.