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Russian Measures to Support the Sectors Most Affected by Coronavirus
7.04.2020 00:58
Russian Measures to Support the Sectors Most Affected by Coronavirus

The government has introduced measures to support the sectors most affected by coronavirus.

      The government approved a list of measures to support organizations and individual entrepreneurs working in the areas most affected by the spread of the coronavirus COVID-19. The list of such industries includes catering, hospitality, air transportation, and  consumer services.

      The list of measures  includes:   

      The deadlines for the payment of taxes, fees and insurance premiums for small and medium-sized enterprises were extended for a period of three to six months.   

      Until May 31, 2020 (inclusive), tax audits and checks on compliance with currency laws were postponed (for unscheduled inspections of small and medium-sized businesses, the permission of the prosecutor's office will be required).   

      The deadlines for submitting tax returns and calculations, which must be submitted in March-May 2020, are extended by three months, the deadlines for submitting documents, information and explanations are 20 working days, the deadlines for submitting documents related to the establishment of tax residency and financial information for 2019 a year - for three months; deadlines for sending claims for the payment of taxes, fees, insurance premiums - for six months.   

      The terms of payment of insurance premiums (insurance against industrial accidents) are extended by four to six months.

      Support measures to the affected sectors of the economy were announced on March 25 by Russian President Vladimir Putin while addressing citizens. Among these measures, there were also bank holidays for individuals in case of revenue gratification by more than 30%, as well as a reduction from 30% to 15% of the social contributions rate for part of small and medium-sized businesses. The Central Bank clarified that credit vacations are not free: banks will continue to charge interest on the loan, which will increase the amount of debt.

Author: Anna Dorozhkina

Tags: Russian economy Russian business coronavirus   

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