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01 May 2020
The COVID-19 pandemic and the measures taken to combat it will have a significant impact on both the global and Russian economies. The government has taken a number of measures to stop the spread of the virus, such as suspending the activities of most Russian businesses, including service providers, from 27 March until 30 April 2020. As such, the government has also had to adopt a comprehensive support programme for affected businesses, which is currently being implemented by the Russian authorities.
Most of the government measures aim to support the industries recognised as being the most affected by the COVID-19 crisis. According to a government decision, these industries include:
The following benefits and exemptions have been established for companies in the above industries:
Taxpayers which classify as small or medium-sized enterprises (SMEs) under the state criteria(1) have also been granted the following additional exemptions:
The above measures are only the beginning of a large-scale support programme for Russian businesses which will be implemented in the near future. For example, measures to extend the deadlines for filing reports and paying additional taxes to those discussed above are currently under discussion.
For further information on this topic please contact Valery Narezhniy at Gorodissky & Partners by telephone (+7 495 937 6116) or email (email@example.com). The Gorodissky & Partners website can be accessed at www.gorodissky.com.
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