
Recently, the President signed a new federal law that provides for extensive changes to the tax legislation of the Russian Federation starting in 2021. The changes represent important mechanisms for the practical implementation of tax policy. Here's how the heads of organizations in Russia can rejoice that the minimum threshold for appealing to the tax authority's court is being raised. It also cites instances where the Internal Revenue Service disregards a filed tax return.
An overview of the most important changes for companies:
1. One of the innovations is the previously emerging requirement for organizations to include in their tax returns information on average Annual value of movable property, the principal asset, to make. The Federal Tax Service provided a new tax return form in line with the upcoming changes.
2. For Formation of the residual value of intangible assets a rule has been established. Under the new federal law, the residual value of intangible assets will be determined as the difference between their acquisition cost and the amount of depreciation accumulated over their operating life.
3. The changes also affected the collection of tax payments. The new regulations increase the threshold for the amount of taxes, fees, insurance premiums, penalties and fines from 3000 rubles to 10.000 rubles, so that the tax authorities can apply to the courts to confiscate these payments from people who are not individual entrepreneurs.
4. Changes in the calculation of real estate tax and motor vehicle tax. Under the new federal law, tax benefits of individuals will be taken into account from the year in which the taxpayer is entitled to them.
5. Also the Calculation of the motor vehicle tax in the event of loss or destruction of a vehicle has changed. The calculation of the tax in this case will be from the first day of the month of loss or destruction of the object. Not terminated from the time of his removal from the registry.
6. In the case of Calculation of wealth tax provides that a change in the cadastral value of real property shall be taken into account in determining the tax base in the current and previous tax periods. Information on the cadastral value of the real estate property changed due to the determination of the market value is taken into account from the date of the beginning of the application of the changed cadastral value for tax purposes.
7. The pressure of the tax administration has subsided. Income in kind from temporary use of living quarters or food for employees of medical organizations and social services performing their duties in isolation during a pandemic is exempt from payment of income tax.
8. And "last but not least," the tax code includes a list of cases in which the tax authorities do not accept the declaration:
– During the tax inspection, the declaration was signed by an unauthorized person.
– A person authorized to act without a taxpayer's power of attorney was disqualified.
– The entry in the unified state register of civil status upon the death of a person was made before the date of submission to the tax authority of a declaration signed by that person.
– A record was made of the incorrectness of the information on the head of the taxpayer in the unified state register of legal entities.
– With respect to the taxpayer, an entry was made in the event of exclusion from the register or termination of activity.
– An entry was made in the Unified State Register of Legal Entities about the termination of a person's activity as an individual entrepreneur, except in cases where the declaration was made for the period that elapsed before the entry about the termination of activity was made.
Of course, many fiscal questions remain unanswered to this day. However, the interests of taxpayers are protected at all times by financial advisors, auditors and tax lawyers.