The state will support industrialists

The deputies of the Supreme Council adopted amendments to the law "On the Unified Social Tax and Mandatory Insurance Contribution" in the second final reading as part of state support measures for industrial enterprises. Many economic entities of the republic are increasingly facing difficulties in carrying out their activities, with restrictions from neighboring states and additional risks. Organizations are forced to divert additional funds from their turnover to establish new logistics routes to maintain an uninterrupted business process. This leads to a shortage of free funds that could be used, including for increasing the wages of employees. The government proposed to exclude from the basic rate of the unified social tax (in the current version of the law it is 25%) deductions in the amount of 1%. Thus, the tax rate will be 24%. The parliamentarians agreed with the proposals of the Government.

The law-in-draft will enter into force on 1 August this year.

The Supreme Council supported another government initiative to exempt industrial enterprises from mandatory contributions to the Unified State Social Insurance Fund two weeks ago. This is just over one percent of income.