The procedure for entering the tax monitoring system has been simplified for residents of special economic zones. The relevant amendments to the Tax Code, which will come into force on January 1 next year, have been approved by the President of Russia. This was announced by the Minister of Economic Development of Russia Maxim Reshetnikov at a coordination meeting with the Ministers of economy of the regions of Russia in Ufa.
“Previously, tax monitoring was provided only for large companies whose basic taxes for the year were equal to at least 100 million rubles, and annual income was at least 1 billion rubles. Due to the new amendments to the Federal Law, companies with lower tax and monetary turnover will now be able to afford tax monitoring,” the minister said.
As the participants of the meeting noted, the value added tax will be reimbursed 2 times faster – 5 days instead of 10. When conducting accounting, the number of possible typical errors will be significantly reduced. The changes will also allow residents to digitize accounting, receive support from tax authorities and make all regulations governing the application of tax preferences at the regional level more universal and understandable for businesses.
Residents of the SEZ, along with participants in industrial clusters, will now receive the unconditional right to tax monitoring. Previously, many SEZ residents faced obstacles due to high criteria for indicators of the total amount of taxes paid, income received, and the value of assets for the reporting year. In turn, the new bill eliminates these complications, which will increase the investment attractiveness of special economic zones.