Russian authorities discussed amendments to tax legislation

At a meeting of the Russian government, its head announced amendments that are proposed to be made to tax legislation. Mikhail Mishustin noted that work to reduce the administrative and regulatory burden on citizens and businesses is being carried out on behalf of the president.

Thus, a non-declaration procedure for providing property tax benefits will be provided for large families; they will receive them automatically. The necessary information will be centrally transmitted to the Federal Tax Service.

Depositors can also reduce tax payments on interest on “long” bank deposits opened for more than a year. The non-taxable limit will be considered for each year, not just at the end of the term.

To reduce the burden on business, it is proposed that the filing of “zero” simplified reporting be canceled if the enterprise does not conduct any activity.

It is planned to expand the range of companies that can switch to tax monitoring, saving them from additional checks, errors, and charges. In addition, the annual tax threshold for which organizations can take advantage of this procedure will be reduced from 100 to 80 million rubles to 800 million rubles for annual turnover and asset value.

“We hope that these and other measures of the draft law will support citizens and businesses,” said Mikhail Mishustin.

Author: Elina Akhmetova