Putin signs decree on new tax breaks due to pandemic

President Putin signed a decree exempting part of income from taxes , insurance premiums and income tax are part of the income of citizens and organizations, writes RIA Novosti. In particular, subsidies received by small and medium-sized businesses and socially oriented non-profit organizations (NPOs) in 2021 are exempt from income tax. The decision on benefits is associated with the fight against the consequences of the pandemic.

Also, incomes of Russians that do not exceed one minimum wage (minimum wage, 12792 rubles) received for non-working days in October-November are exempted from personal income tax and insurance premiums. The benefit applies to those who work in small and medium-sized enterprises and NGOs receiving subsidies in connection with the pandemic.

At the end of October, Russian Prime Minister Mikhail Mishustin said that for one-time grants to representatives of small businesses and social NGOs during a pandemic, almost 40 billion rubles will be allocated. According to him, we are talking about the amount of 38.5 billion rubles, it was planned to provide support to about 3 million people. The prime minister also announced payments in the amount of one minimum wage for each employed in these sectors.

Non-working days were announced in Russia from October 30 to November 7. The corresponding decision was made by Russian President Vladimir Putin in order to contain the spread of coronavirus infection.