The Government of the Russian Federation has prepared a number of priority measures to support the economy in the situation of the pandemic of the coronavirus infection COVID-19. 300 billion rubles will be allocated for support in the following areas:
- providing essential goods and supporting the population
- support for industries at risk
- support for small and medium enterprises
- system-wide measures.
Since March 20, all restrictions have been lifted, including customs, for the supply of essential goods. For instance, for the import of medicines and medical devices, the customs duty rate is 0.
For small and medium-sized businesses government introduced a delay for payments of insurance premiums, as well as rental payments for state or municipal property for 3 months. Additional tax benefits for air carriers and the tourism industry are available. Also, the refinancing program for loans to small and medium-sized businesses will be expanded at a reduced rate of 4% instead of the current 6%.
- Russian government plans to use 300 bln RUR for economy protection;
- Zero custom rate for import of the first emergency goods ( pharmaceuticals & medical products);
- State refunding of business loans with reduce interest rate 4%;
- 3 month delay of payments for payroll taxes for the companies without penalties.