The Ministry of Finance drafted amendments to the provision on tax holidays for the Tax Code.

      The Ministry of Finance developed amendments to the Tax Code providing for a new two-year tax holiday for small businesses. The notification of this amendment was published on a single portal for information disclosure. The bill is aimed at the support of small businesses and gives the local authorities the right to grant the two-year tax holidays to newly established small businesses.

      The amendments were drafted at the request of President Putin expressed by him during his latest address to the Federal Assembly, when the president promised to regional small businesses to give them a two-year delay in payment of taxes. According to the President, this initiative “will be compensated by additional income to the treasury of the local authorities and municipalities”.