The draft law on tax support measures for business
On 19 May 2020 a draft law on amendments to tax legislation was submitted to the State Duma. This draft law is aimed at implementing a so-called ‘third set’ of support measures for business and the public in connection with the coronavirus infection.
The principal part of the amendments ensures the implementation of the measures which Russian President Vladimir Putin proposed on 13 May, in particular:
- a release from an additional tax burden of companies and individual entrepreneurs which will receive beneficial loans for supporting employment with the possibility of writing off the debt;
- a refund of professional income tax for 2019 for the self-employed (this will be implemented by paying benefits from the federal budget with its recipients being released from tax);
- writing off the tax obligation with respect to all taxes except VAT, for Q2 2020 for taxpayers from the most affected sectors.
Also, support measures from the so-called ‘first’ set of measures will be clarified with regard to the possibility to book as expenses the price of medical devices which were transferred free of charge to state authorities and medical institutions.
It can be presumed that it is highly likely for the draft law to be adopted in the nearest future.
We will additionally comment on the text of the law once it has been published.