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Company / Laws

The reflection order banks to provide mortgage holidays in the tax records

Legal advice 04.10.2019 at 08:51

Legal advice

The Law establishes the right of the borrower-physical persons on a mortgage vacation on the conclusion in the Bank loan agreement (clause 1, article 6.1-1 of the Federal law dated 21 December 2013 № 353-FZ, hereinafter – the Law № 353-FZ). The contract needs to be signed for business purposes. The Bank that has received the request of the borrower to change the terms of such contract provides for the suspension of performance by borrower of its obligations or reduce the size of borrower payments for a specified term, not later than five working days to consider it. If it meets the requirements of the legislation, the Bank shall inform the borrower about change of conditions of the contract (section 9 of article 6.1-1 of the Law No. 353-FZ). Revised schedule of payments shall be sent to the borrower no later than the end of the grace period (clause 14, article 6.1-1 of the Law No. 353-FZ). Tax law stipulates that income interest received on contracts of loan, credit, Bank account, Bank Deposit and securities and other debt obligations are recognized as non-operating incomes (item 6 of article 250 of the Tax code). With debt obligations include interest calculated based on the actual rates.