Izvestia: small and medium-sized businesses in Russia will be allowed credit holidays
Small and medium-sized businesses in Russia will be allowed to apply for credit holidays. Russian President Vladimir Putin gave the corresponding instructions to help entrepreneurs and minimize the risks of their bankruptcy, reports newspaper “Izvestia”.
It was decided to appoint the government and the Bank of Russia responsible for the development of the mechanism. SMEs will be able to receive a deferment for payment of payments for up to six months – this benefit can be used once every five years. Your credit history will not deteriorate during this period.
The Bank of Russia noted that a similar support measure helped entrepreneurs during the pandemic. This mechanism was also used to help businesses rebuild their business models after the imposition of sanctions. However, the regulator has not yet named specific parameters of the new benefit.
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According to Alexey Govyrin, a member of the State Duma Committee on Small and Medium Enterprises, the massive use of credit holidays can create cash gaps for credit institutions. Banks will have to make up for lost revenue from other sources, and smaller institutions may lack liquidity. The implementation of the credit holiday mechanism may create difficulties in processing a large number of applications, including non-targeted ones, added Sergei Vitkovsky, head of the Center for Small and Medium Business of Svoy Bank JSC. There is also a risk of abuse of the right to increase the deferred payment, believes Vadim Osokin, head of the corporate business department of RosDorBank.
“Credit holidays” have become a convenient and understandable tool for protecting businesses, as they help reduce the risks of business bankruptcy and make the economy more stable. However, this measure should not be turned into an everyday one, added Daria Petrova, candidate of legal sciences, expert in the field of legal support for companies in the financial sector. Credit holidays should be used as an exception, which is possible only in difficult situations beyond the control of the borrower.
In February 2024, Russian President Vladimir Putin proposed introducing an amnesty for small companies that used tax optimization schemes. During the announcement of his message to the Federal Assembly in Gostiny Dvor, he said that such a measure would affect companies that resorted to the practice of splitting up their businesses to evade taxes. According to the head of state, there will be no fines or tax recalculations for such entrepreneurs.
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