Putin halved insurance premiums for small and medium-sized businesses in connection with the coronavirus
Today, on March 25, Russian President Vladimir Putin announced the introduction of a number of economic measures related to the spread of coronavirus. Many of them concern small and medium-sized businesses. We have identified the main ones.
Putin announced:
- the launch of holidays on credit loans for individual entrepreneurs;
- the appearance of a deferral on all taxes, except VAT, for six months for small and medium-sized businesses;
- introduction of deferral for microenterprises on insurance contributions to social funds;
- the start of deferral on loans for six months for small and medium-sized businesses;
- the appearance of a moratorium on the filing of creditors’ applications for bankruptcy of companies and the collection of debts and fines (but this will apply only to those industries that have been most affected by the spread of coronavirus);
- reducing to 15% (now 30%) the amount of insurance premiums for small and medium-sized enterprises (only if the salary exceeds the minimum wage), this measure is introduced on a permanent basis;
- increase to 15% (now 2%) of payments from income (in the form of interest and dividends) leaving Russia abroad;
- the occurrence of a 13% (previously absent) tax on interest received from bank deposits that amount to more than 1 million rubles;
- also, as part of the program to reduce the rate of spread of the coronavirus, the next week (March 30 — April 5) in Russia is declared non-working, but with the preservation of wages (the holidays will not affect medical, government, financial organizations, law enforcement agencies, as well as, as noted in the appeal, “shops”).
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