Global Daily Tax News, Russia Announces Tax Reliefs For SMEs, (Oct 27, 2023)

Russia has announced plans to expand simplified tax arrangements for small- and medium-sized enterprises.

The country will expand a scheme in place currently only for public catering businesses to other industries, which waives the requirement to collect and remit value-added tax for businesses whose revenues are less than RUB2bn each year.

Further, the simplified scheme for micro-enterprises, currently in place in four regions, will be expanded to further regions. The initiative waives almost all reporting requirements for businesses, with taxes calculated automatically.

The Government has also announced plans to align the tax regime and administrative procedures for individual entrepreneurs and self-employed taxpayers, including registration procedures, tax and non-tax payments, control and supervisory requirements, and reporting requirements.