Russia to write off self-employed, SMSE’s taxes and insurance payments


Vladimir Putin held a videoconference on the implementation of measures to support the economy and the social sphere, website of the Kremlin reports.

The government measures to support the economy included “delays of tax and insurance payments, a program of easy-term interest-free wage credits, direct government subsidies to pay wages for April and May,” he said, also noting “An unprecedented decision to write off taxes and insurance payments for the second quarter of this year in today’s extraordinary environment. It applies to the self-employed, small and medium-sized companies in hardest-hit sectors, and social non-profit organizations. Apart from this, the self-employed can reduce their 2020 insurance payments to the public extra-budgetary funds by one minimum monthly wage ($165); self-employed individuals will be able to receive from the federal budget non-recurring support amounting to one minimum monthly wage to pay professional income tax. They will be fully reimbursed for what they paid in these specific taxes in 2019.”

It is also intended “to grant organizations and the self-employed easy-term loans with an interest rate of 2% for the borrowers. This measure is designed to preserve jobs and enhance business stability,” he added.

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