Russia’s president has enacted a new set of anti-crisis tax measures designed to cushion the economy from ongoing sanctions. The law, signed by Vladimir Putin, is now publicly available on the official legal information portal, providing a clear framework for the changes and who they affect. This move signals a deliberate step to stabilize fiscal conditions and support income streams during a period of financial stress, with policy details laid out for both individuals and corporate entities.
The key provision in the measure is the exemption from personal income tax on certain types of material benefits received between 2021 and 2023, along with tax relief on interest or income earned from deposits held in Russian banks. In practice, this means eligible taxpayers may see reduced tax obligations related to these sources, a move intended to sustain consumer spending and preserve household purchasing power amid external pressures. The decree outlines the scope and eligibility criteria, offering a targeted relief arena while maintaining overall tax discipline. (Source: Kremlin)
Additionally, the document introduces the possibility of extending the declaration-based value-added tax (VAT) refund mechanism to a broader group of taxpayers. This applies to those who are not in the middle of corporate restructuring and have not entered bankruptcy proceedings. The change is framed as a simplification measure designed to speed cash flow back to businesses and individuals who may be waiting for VAT refunds. It also aims to reduce administrative friction for taxpayers operating under challenging economic conditions, thereby supporting liquidity and ongoing operations. (Source: Government portal)
Earlier communications from officials indicated that the government is actively pursuing measures to bolster the Russian economy amid sanctions. Among the priorities discussed were updates to the program to foster the development of design documentation by domestic enterprises and expanded support for small and medium-sized firms through offset agreements. The overarching goal appears to be creating more room for investment, innovation, and resilience within the private sector while ensuring that critical sectors receive targeted relief where it is most needed. (Source: Legislative news brief)
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