Duma shields interest saving during loan grace period from tax

MOSCOW, May 12 (PRIME) -- The State Duma, Russian parliament's lower chamber, passed in the first reading and on the whole a bill exempting debtors’ savings during any grace periods from the personal profit tax on Tuesday.

The measure, if adopted, can also to be applied to the self-employed people. The bill can enter in force from the date of signing and cover income starting from the 2020 tax period.

The State Duma passed on April 1 a bill aimed at allowing households, the self-employed, small and medium business that suffered from effects of the coronavirus to have a grace period on their loans.

The people and businesses can apply for grace periods on their loans for up to six months, until September 30 if their income for the month preceding the application fell by 30% or more.

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