RYAZAN REGIONAL DUMA LOWERS TAX RATES FOR SMALL AND MEDIUM-SIZED BUSINESSES

Deputies of the Ryazan Regional Duma have approved amendments to the regional laws, providing for a reduction in tax rates for a number of small and medium-sized businesses. The bill was introduced by the Governor of the Ryazan Region. The new rules apply to those who used unified tax on imputed income (UTII) in 2020 and, following its cancellation, switched to the simplified tax system (STS).

About 1,750 small and medium-sized businesses and socially-oriented non-profit organizations (SONPOs) operating under coronavirus restrictions, and over 8,000 taxpayers who have switched from paying UTII to STS, will be able to take advantage of the preferences.