Public authorities should also work out a program of tax changes
The President of Ukraine Volodymyr Zelenskyi ordered the National Bank, the Ministry of Finance, state and commercial banks to develop a repayment holiday plan for small and medium-sized businesses.
This was announced by Volodymyr Zelenskyi in a video message posted on his Facebook page.
Public authorities should also work out a program of tax changes.
Besides, the Ministry of Finance should negotiate with the International Monetary Fund and other international partners over financial aid to overcome the consequences of the coronavirus.
As reported earlier, the Verkhovna Rada Committee on Finance, Taxation and Customs Policy is developing an anti-crisis package to support business in the period of negative effects due to the coronavirus.
As of now, MPs propose, among other things, to:
- release from any liability for violations of the tax legislation for a term of 2 months. This term may be extended;
- exempt all self-employed persons from paying single social security tax for a term of 2 months;
- ban tax audits until 1 July 2020;
- extend the period of submission of individual entrepreneur tax returns until 1 July 2020;
- exempt from paying land tax until 31 May, if land is used for business purposes;
- exempt from paying tax on (commercial) real estate until 31 May 2020;
- exempt individuals from paying personal income tax in connection with business interruption due to the quarantine.
Tomorrow, 17 March, an extraordinary meeting of the Verkhovna Rada will be held to discuss the imposition of a state of emergency in the country to contain the spread of the coronavirus.