Up until now, taxation it the only practical tool to increase public revenue to finance government spending on goods and services. However, it is quite difficult to create an effective and just tax system especially in developing and transition economies, whose main goal is to deepen integration in the global economy. Ideal taxation should maximize budget revenue without the necessity of excessive borrowing, which increases public debt, but at the same time to not hinder economic activity. The relevance of this issue lies in the need to improve and make it more resilient during economic stability. Therefore, in this study we reviewed main directions and objectives of the government’s tax policy taking into account the impact on the economy of COVIDD-19 and assessed the effectiveness of the measures implemented by the Russian authorities on the bases of the Small Business Index (RSBI). This novel coronavirus undoubtedly led to a severe downturn in economic activity and namely taxes will be one of the key tools for supporting business and individuals not only during the crisis, but as well during the stage of recovery.Keywords: linguistics, cultural approach, tax policy, economic crisis; small and medium enterprises.