Business benefits in 2022 due to sanctions

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The Russian government has introduced new benefits for Russian companies and entrepreneurs due to the 2022 sanctions:

From March 10th until the end of 2022, a ban is introduced on scheduled inspections of individual entrepreneurs, small and medium-sized businesses. Except when there are risks to the life and health of citizens.

The government received the right to prompt changes in the field of taxes. Among them is the extension of the terms of their payment. The same powers will be granted to the highest state authorities of the constituent entities of the Russian Federation – in relation to regional and local taxes. The new order will be in effect throughout 2022. It is introduced to be able to quickly make decisions aimed at supporting businesses and citizens. Work was organized in the same way in 2020, when it was necessary to quickly respond to the challenges of the coronavirus pandemic.

Extended for another six months the program of compensation to small and medium-sized businesses for the use of a system of fast payments for purchases. 500 million rubles (4,29 million euro) have been allocated for this. With the help of subsidies, enterprises will be fully reimbursed for bank commissions for all purchases of goods and services that citizens make from January to June 2022 through the new payment service of the Bank of Russia.

For businesses to continue fulfilling their obligations on wages, rent and utility bills, and to save jobs, an additional 6.2 billion rubles (53 million euro) have been allocated for the “PAYMENT 3.0” support program, which has been operating in an updated mode since the end of 2021.

Employees of Russian IT companies, until they reach the age of 27th, will receive a deferral from the army and the opportunity to receive preferential mortgages. All Russian IT companies are exempted from paying income tax and inspections by regulatory authorities for 3 years. They will be able to take loans on favorable terms to continue their work and new projects – at a rate not exceeding 3%.

Companies engaged in the implementation and installation, testing, as well as maintenance of domestic solutions, were given tax preferences and indulgences that are due to IT companies. This is a preferential income tax rate and reduced rates of insurance premiums.

For entrepreneurs who are engaged in the production and processing of agricultural products, there is a mechanism for preferential lending. They can get a loan at a low rate. This is possible only thanks to the support of the federal budget. A decision was made to allocate 5 billion rubles (43 million euro) for these purposes and subsidize more than 8,000 previously issued loans in the agro-industrial complex. Such a decision is especially important during the sowing campaign, which has already begun in several regions.

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