Support for light industry organizations will continue

Tax benefits for organizations in the footwear and clothing industry have been extended to 2021. Reduced coefficient of 1.05 will be applied to income from services and work on tailoring products from customer-supplied raw materials for such enterprises. The Supreme Council adopted amendments to the law "On additional measures aimed at stabilizing the PMR economy" in two readings at once in the course of the plenary online meeting today. The purpose of the law-in-draft is to prevent deterioration in the performance of organizations in the clothing and footwear industries.

The production of bed linen decreased by 11.3%, footwear - by 22.3%, clothing - 21.3% for the first half of 2020. Despite the gradual adaptation of enterprises to the new realities, the situation in the industry is still difficult and unstable, according to the relevant ministry. In order to support the enterprises of the shoe and clothing industry, next year, just like this year, the full income tax rate of 1.7% will not be applied to them.

The support of light industry enterprises, provided this and last year, gave a positive result, the deputies of the profile committee note.

The adopted amendments to the law "On additional measures aimed at stabilizing the PMR economy" were sent for signature to the President of the republic.