21.03.2022 Александр Сологуб

News digest (March 21)

Dear colleagues and partners! We present the new overview of changes in the legislation of the Russian Federation…

The key rate

On March 18, 2022, the Board of Directors of the Bank of Russia decided to keep the key rate at 20% per annum.

The press release of the Bank of Russia, dated 18.03.2022.

Providing subsidies to the banks

The Government has allocated more than 14 billion rubles for providing subsidies to the banks, in order to compensate for lost income due to preferential loans issued to small- and medium-sized enterprises (SMEs).

Today, SMEs have the opportunity to get a loan at the preferential rate of 15% per annum for small-sized businesses and 13.5% per annum for medium-sized businesses (the benefit is granted for the period of 1 year).

The Resolution of the Government No. 535-p, dated 18.03.2022.

The zero VAT rate

The Government has submitted to the State Duma the draft law simplifying the procedure for taxpayers to confirm the zero VAT rate on export transactions. The draft law assumes the possibility for taxpayers to provide all the necessary data in electronic form.

Draft Law No. 90752-8 “On Amendments to Chapter 21 of Part Two of the Tax Code of the Russian Federation.

Transactions involving residents’ payment of the share, the contribution to the authorized capital

Until December 31, 2022, without the permission of the Central Bank of the Russian Federation, transactions involving residents’ payment of the share, the contribution to the authorized capital of a non-resident legal entity, as well as the resident’s contribution to the non-resident within the framework of the simple partnership agreement with investment in the form of capital investments are prohibited.

The Presidential Decree “On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation in the Field of Currency Regulation”, dated 18.03.2022.

Additional business support measures

The Governor of Saint Petersburg has announced additional business support measures. Thus, it is planned to cancel inspections by the city control services of Saint Petersburg, except for security-related inspections, until the end of 2022.

It is also planned to suspend the dismantling of non-stationary commercial facilities if they do not pose the security threat, and there is no court decision on their dismantling.

For processing industries (until the end of 2022) and for IT companies (until the end of 2024), it is planned to reduce the simplified taxation system (USN) rate: 1% if the object of taxation is income, and 5% if the object of taxation is income reduced by the amount of expenses.

The news is published at the website of the Administration of Saint Petersburg on 19.03.2022: https://www.gov.spb.ru/press/governor/233514.