President Volodymyr Zelensky has signed several laws designed to ease the strain on businesses and workers during the nationwide COVID-19 quarantine. But how effective will they be?
One key legislation slaps a moratorium on unified social contribution for individual entrepreneurs from March 1 through April 30 and suspends penalties for businesses that failed to pay the contribution within that time frame. The moratorium also affects land and real estate taxes for March and April. Fines for late or incomplete tax filings have been postponed through the end of May, with the exception of VAT and excise taxes.
Personal income taxes would be reduced for individual entrepreneurs. Tax inspections and audits have been pushed back to the end of May; other inspections to July. A host of other measures were also introduced to ease the burden that the great shutdown has already placed on businesses.
This bill “will help businesses survive the quarantine,” lawmaker Yaroslav Zheleznyak from the Voice party wrote on his Facebook page.