Tax break will be arranged for tour operators and air carriers in Russia

The Russian Government has announced tax holidays for entrepreneurs engaged in tourism and air travel. Russian Prime Minister Mikhail Mishustin gave instructions to defer tax and insurance contributions.

Besides, a moratorium on filing bankruptcy applications will be introduced.

In particular, the Federal Tax Service of Russia was instructed to ensure the granting of a deferment in the payment of taxes and insurance contributions, the due date of which falls on the period until May 1, 2020, regarding taxpayers belonging to the tourism and air transportation industries.

The Ministry of Finance of Russia has been instructed to submit a draft federal law to the Government of the Russian Federation by March 20, 2020, which provides for the refusal to charge interest on tax arrears, as well as the introduction of an additional reason for receiving a deferment in the payment of taxes, fees, insurance contributions for these categories of taxpayers without interest.