Putin signs law on tax support measures under sanctions

Citizens were allowed not to pay tax on income from interest on deposits, and organizations were allowed to apply for VAT refunds under certain conditions.The authorities also softened the norm on the calculation of penalties and took other support measures.

Russian President Vladimir Putin signed a law on tax measures to support the economy in the face of sanctions against Russian individuals and legal entities. The document is published on the official portal of legal information.

The law grants all taxpayers who are not in the process of reorganization or liquidation the right to recover VAT upon submission of an appropriate application. They also should not be subject to bankruptcy proceedings.

According to the amendments, in 2022–2024, the exchange rate difference accrued on liabilities in foreign currency will be taken into account when calculating the tax base for debt repayment. This will exclude the influence of the calculated values, depending on the ruble exchange rate, on income tax liabilities.

Putin allowed not to pay personal income tax on interest on deposits for two years

The corporate income tax rate for it companies for these years is set at 0%. In addition, from 2022, as part of the transport tax, the multiplying coefficient will be applied exclusively to vehicles worth more than 10 million rubles.

Among other anti-crisis measures that the law includes:

change in the property tax of organizations - next year, to calculate the base for real estate for which it is equated to the cadastral value, the cadastral value as of January 1, 2022 will be applied; payers of corporate income tax during this year will be able to switch to a monthly model of paying advance payments based on actual profits; exemption from personal income tax for income in the form of material benefits received in 2021-2023, and income for the same period on deposits or account balances, if the bank in which they are placed is located in RUSSIA; next year, organizations will not be subject to a higher penalty rate from the 31st day of delay in paying tax in the amount of 1/150 of the refinancing rate - 1/300 of the rate will be applied; when renting hotels and other places of residence, the VAT rate is set at 0%; regions will be able to establish tax holidays for individuals registered as entrepreneurs for the first time, if they switched to certain taxation systems (simplified or patent) within two years after registration: the tax rate will be equated to 0% VAT, it will be valid until December 31 2024.oiland gas from Russia Articles Pro Carbon copy branding:why companies produce clone products Articles Pro Why is it difficult for Russia to sell more in CHINA Articles ProHow the consumer and marketing in Russia will change in 2022how Russian business will change in two or three years Forecasts Pro IT companies on suitcases.Will support measures stop them from leaving Pro Meta* articles in disgrace:What does it mean for business and will a VPN help Articles Pro How the development of surgical instruments made an immigrant a billionaire Articles