Moratorium on bankruptcy claims to be introduced in Russia

Prime Minister Mikhail Mishustin chaired a meeting of the Russian government on measures to support the economy against the backdrop of the spread of the novel coronavirus infection, website of the government reports.

According to Mishustin, a 6-month deferral of all taxes except VAT for small and medium-sized businesses is approved, while “micro businesses have been granted a deferral on their contributions to social insurance funds. In addition to this, companies going through hard times will be entitled to a 6-month moratorium on bankruptcy claims by creditors against them and on the recovery of penalties.”

As Finance Minister Anton Siluanov noted, “Russia is allocating 1.2% of GDP for the fight against the coronavirus infection.” At the same time, “Decisions were made to reduce insurance payments for small and medium-sized companies from 30% to 15%. It was also decided to provide a 6-month tax deferral for small enterprises and insurance payments deferral for micro-companies. The support given to small and medium-sized businesses will include beneficial loan resources.”

Previous ArticleNext Article