South Ossetian President Anatoly Bibilov has instructed the government to work out steps that will increase the amount of lending to entrepreneurs by at least 10 million rubles annually. The head of state voiced the corresponding instruction during his message to the people and the Parliament.
“Investors are gradually coming to the South Ossetian market, which favors the development of the economy and the creation of jobs. The products of our manufacturers are already presented in the retail chains of the Russian Federation. South Ossetia took part in the largest international exhibition of food and beverages in Russia and Eastern Europe "Prodexpo-2021", where our mineral waters, as well as the products of the “Ironsaen " winery were presented, "he said.
The President has noted that since 2018, the law of the Republic "On concessional lending to small and medium-sized businesses" has been implemented.
“Within the framework of the implementation of the measures of the State Program “Support and Development of Small and Medium-Sized Businesses,” for the fourth year, financial support of business entities is carried out in the form of concessional lending at the expense of the state budget.
In 2021, the budget of the Fund for Assistance to Concessional Lending in the Republic of South Ossetia is set at 49 million rubles, which is 20 million more than was allocated in 2020. In total, during the work of the law (since 2018), loans were issued in the amount of 76.5 million rubles. I instruct the government to work out steps that will increase the amount of lending by at least 10 million rubles annually,” the President said.
According to him, the next serious step in terms of supporting small businesses in the Republic should be to increase the income limit to 20 million rubles for the transition to a simplified taxation system.
“I instruct the Government to carry out all the necessary measures on this issue and report to me on the implementation of this order before the end of the current six months. We hope that this measure, aimed at reducing the tax burden on small businesses in the Republic, as well as facilitating and simplifying tax and accounting, will become another incentive for the development of small businesses,” the President said
