Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
The Russian Ministry of Finance (MinFin) recently published the General Tax Policy Guidelines for 2022-2024. One of the items highlighted within this relates to the launch of the online simplified tax system (STS)- viewed as a major overhaul of the tax administration.
The STS will take on tax accounting, and be accessible to micro-enterprises with:
The tax authorities will not however take over all fiscal obligations- they will not keep or fill out tax returns. Enterprises will remain responsible for calculating the tax, based on data from cash registers and bank accounts.
From 1st July 2021, Russia will introduce mandatory e-invoicing for taxpayers dealing with traceable goods. Certain goods such as refrigeration and freezing equipment, will be deemed to be traceable goods. From 1st July 2021, invoices for these goods must be electronic.
Under the traceability system, each consignment of goods would be assigned a registration number during import. Businesses within the scope of the traceability system would need to include the registration number in their invoices.