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Additional tax support will be provided to citizens, business and NGOs
The Federation Council approved the law on tax support for a wide range of people in a pandemic. It provides for tax holidays for affected SMEs for the second quarter of 2020, the return of the amount of paid professional income tax for 2019 to the self-employed and other measures.
According to RIA News, the document exempts personal income tax from incentive payments for the work to identify, prevent and eliminate the consequences of the epidemic. For individual entrepreneurs who are employed in affected sectors of the economy and are not employers, the amount of insurance premiums is reduced by one minimum wage.
Representatives of SMEs and NPOs in affected sectors are exempt from paying taxes and insurance premiums accrued for the second quarter of 2020. The transfer of property and funds aimed at combating coronavirus is exempted from VAT.