Changes to tax legislation

The Committee on Economic Policy, Budget and Finance held a regular meeting. Parliamentarians considered in the first reading a number of tax legislations initiated by the PMR Government. We are talking in particular about simplifying the mechanism for calculation and payment, as well as the administration of the unified social tax, both on the part of taxpayers and on the part of tax authorities. The package of legislative initiatives proposes to make the transition to paying the unified social tax in a single payment without the need to distribute the tax amount for appropriate purposes. This will free up labor, time and financial resources of taxpayers, tax authorities and social insurance authorities, according to the Government, which presented a package of legislations to parliament.

It was noted in the course of the meeting of the Committee on Economic Policy, Budget and Finance, that the practice of centralizing the collection of tax payments with their payment using a single payment document already exists in the republic and has proven itself well – this is a single customs payment. Therefore, the Government considers the transition to a mechanism for paying the unified social tax in one payment order to be appropriate. The relevant parliamentary Committee supported the Government's initiative and voted to submit a package of 10 legislative initiatives for consideration by the plenary session in the first reading.

Another law-in-draft, which parliamentarians discussed in the course of the meeting of the Committee on Economic Policy, Budget and Finance, involves changes in the financial reporting system of entrepreneurs operating under a simplified taxation system. The government proposes to oblige them, by the 5th day of the month following the reporting month, to provide to the tax authorities at the place of registration information on the movement of funds on current ruble and foreign currency accounts opened for business activities. Reporting must be in electronic form.

This norm is enshrined in legislation now, but according to the results of the analysis, most entrepreneurs provide reports to the tax authorities only on the results of their work for the year. It is assumed that the provision of monthly mandatory reporting will be implemented by the bank sending the specified information to the tax authority in electronic form and will be carried out free of charge.

Deputies of the Economic Policy Committee supported this proposal. It was clarified when adopting this norm whether entrepreneurs must provide an annual financial report. The initiative will be further developed during the second reading. In the meantime, the law-in-draft is being submitted for consideration by deputies at one of the next plenary sessions.