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Tax and credit deferral to business due to coronavirus

Tax and credit deferral to business due to coronavirus

Small and medium-sized businesses in Russia will receive a deferral of all taxes and loans for six months due to the coronavirus pandemic and the worsening economic situation in the country. The measure will not affect only value added tax.

Micro-enterprises, in addition to this support, will receive a deferment in insurance contributions to social funds. This was in an address to the inhabitants of Russia said President Vladimir Putin. He said that such support would be given to companies that found themselves in a difficult situation related to the consequences of the coronavirus pandemic.

Putin has asked the government and the central bank to take additional measures for sustainable lending, including the provision of government guarantees and subsidies. He also instructed to protect enterprises that find themselves in a difficult situation from bankruptcy, and to introduce for six months a moratorium on filing bankruptcy applications of creditors and collecting debts and fines.

“These measures will be extended to companies operating in sectors that are most affected by the current difficult situation,” the president said.

Putin proposed to small and medium enterprises to reduce the size of insurance premiums from 30 to 15%. Such a reduced rate will apply to salaries in excess of the minimum wage. If it is at the level of the minimum wage, the rate will remain the same - 30%. The president called this measure long-term.

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