Russian businesses spend more than 8 bn roubles on charity
Businesses spend more than eight billion roubles on charity during the first half of 2021
According to TASS, Russia’s Deputy Minister of Economic Development Tatyana Ilyushnikova, stated on 5 October that Russian companies donated more than ten billion roubles to charity in 2020, with their reports highlighting how much was distributed to CSOs. Fifty-three companies today revealed that they have made charity donations totalling more than eight billion roubles during the first half of this year.
A law no. 172-F3 on “Amendments to Part 2 of the Russian Tax Code” was introduced in the summer of 2020 which allows businesses to receive tax relief on donations. “We are sure that companies are spending more on charity than was reported today, although not everyone is yet aware of the potential for tax write-offs”, TASS quoted Ilyushnikova as saying.
The Ministry plans to start informing businesses about tax benefits through “My Business” centres and institutional platforms.
Translated by Neil Hailey