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Quarters of Russian Shopping Centers Threatened with Closure
14.07.2020 17:29
Quarters of Russian Shopping Centers Threatened with Closure

A quarter of Russian shopping centers may close if the state does not provide them with tax subsidies, RBC reports citing the Russian Council of Shopping Centers (RSTC). The organization said that in 2020 Russian shopping centers will have to pay 52 billion rubles of value added tax, 24 billion rubles of property tax, 15 billion rubles of income tax and 4 billion rubles of a single social tax.

      At the same time, the number of visitors to the shopping center fell sharply, and their economic condition continues to deteriorate. “There are virtually no revenues, sales have yet to recover. The industry did not receive any subsidies from the state or compensation for the shortfall in rental income,” Oleg Wojciechowski, Managing Director of RSTC said.

      The organization appealed to the Government of the Russian Federation, the Ministry of Finance and the Ministry of Economic Development with a request to introduce a number of support measures, including the allocation of subsidies and the provision of tax benefits and deferrals. “The implementation of these measures will ensure the recovery of the industry, minimize defaults and, as a result, maintain the ability to pay taxes in the future in full,” the RSTC emphasized.

Author: Anna Dorozhkina

Tags: Russian business coronavirus    

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