The Concept of Tax Monitoring Development Was Approved

March 17, 2020

The Russian government has approved the concept of developing a tax monitoring system.

Tax monitoring is the latest system of information interaction between the state and business, which is based on a risk management system. It allows you to significantly reduce company costs and reduce document flow.

The essence of the concept is to gradually reduce the threshold for companies to voluntarily join the system-by three times for each of the mandatory criteria.

Recall that the Federal tax service has been using monitoring since 2016. At the moment, only large companies with an annual turnover of at least 3 billion rubles and assets worth 3 billion rubles can be connected to tax monitoring.

But the signed concept assumes that from 2022, organizations with annual revenues of 1 billion rubles, assets — 1 billion rubles, and the total amount of taxes calculated for the year — 100 million rubles will be able to enter tax monitoring.

Most Read News

January 24, 2020

Professional Tax – new tax for Cyprus companies

At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.

July 10, 2020

Cyprus: Since 1 of July Contributions to the GESY Fund Have Increased

From March 1, 2020, contributions to the Fund of the state health insurance system of Cyprus GESY were supposed to grow as part of the second stage of the reform of this system.

May 18, 2020

CRS and FATCA: extension of reporting deadlines

In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.

December 03, 2019

Happy Lawyer’s Day!

December 3 is the lawyer's day in Russia. Congratulations to our colleagues on their professional holiday!

May 08, 2020

CySec: Changes of the Due Date for Some Obligations in Cyprus

The financial regulatory agency of Cyprus (CySec) has changed some due date obligations for issuers, providers and funds: The due date for the obligation of issuers to publicise the annual financial statements for 2019, is postponed for the 30 of June 2020. The due date for [...]

February 24, 2019

Amendments to Cyprus Company Law

The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law.

April 15, 2020

Professional consulting support of our specialists

Taking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.

February 17, 2020

OECD has published a consultation document on the review of Country-by-Country Reporting

OECD released public consultation document that is based upon the mandate set out in the BEPS Action 13 report, and focuses on issues concerning the use of CbC reports by tax administrations for the purposes of a high level transfer pricing risk assessment. The public consultation document [...]