Herald
What awaits business in 2025: key changes and challenges
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Photo: Freepik.com
With the onset of 2025, Russian entrepreneurs will face a number of changes that will affect their activities. Legal innovations, global trends and economic challenges create both new opportunities and threats.
A number of changes in tax legislation are coming into force, international sanctions are expected to be strengthened, and the country's business will continue to pivot to the East. These changes require increased attention to risk analysis and adjustment of business strategies.

The Federal Tax Service will strengthen control over taxpayers

In 2025, on-site tax audits will undergo changes: their number will be reduced, but efficiency will increase due to automation and targeted approach.
The Federal Tax Service will focus on companies with high level of tax risks. New technologies and algorithms for intelligent data analysis allow the tax authorities to identify suspicious schemes in advance and determine key indicators for analysis.
Currently, effectiveness of on-site inspections exceeds 97%. In 2025, this figure may increase due to more precise selection criteria.
At the same time, the Federal Tax Service, when drawing up a plan for on-site tax audits, will take into account the voluntary abandonment of business splitting schemes. Companies using splitting schemes to optimize taxes can voluntarily abandon this practice and receive a tax amnesty for 2022-2024.
In accordance with the Law No. 176-FZ dated 12.07.2024, to receive an amnesty for refusing to split a business, it is necessary:
  • combine the income of all group companies;
  • calculate and pay taxes in 2025-2026;
  • declare your voluntary adjustment.
The tax amnesty will allow businesses to bring their tax obligations into compliance with the legislation on taxes and fees without additional costs, including legal expenses.
In Globas a new section has been developed for analyzing the risks of on-site tax audits.

This tool is based on the Concept of the system for planning on-site tax audits developed by the Federal Tax Service and allows:
• check the tax burden, profitability and financial status of the company;
• learn about frequent changes in tax authorities and about reaching the maximum values for special tax regimes;
• identify deviations in wages from industry averages;
• identify the discrepancy between the growth rates of expenses and income;
• identify tax risk in the nature of financial and economic activities;
• receive information about account blocking indicating the reason for the suspension.

If your counterparty is at risk, you may also be subject to an on-site tax audit.

Using Globas you can identify such connections in a timely manner and avoid the consequences.

Simplified Tax System: What's New

Legislative framework: Laws No. 362-FZ dated 29.10.2024 and No. 176-FZ dated 12.07.2024
1. Limits for the application of the simplified tax system have been increased
From January 1, 2025, the limits for companies and individual entrepreneurs operating under the simplified tax system will increase.
Companies and individual entrepreneurs will be able to work under the simplified tax system if:
  • income does not exceed RUB 450 million per year;
  • depreciated book value of fixed assets is no more than RUB 200 million;
  • number of employees: up to 130 people.
2. Simplified Tax System and VAT
From January 1, 2025, companies and individual entrepreneurs on the simplified tax system become VAT payers if their income exceeds RUB 60 million.
At the same time, businesses are left with a choice of VAT rate:
  • 20% with the right to deduction;
  • 5% without the right to deduction (for income up to RUB 250 million);
  • 7% without the right to deduction (for income up to RUB 450 million).
3. Cancellation of higher rates
Since 2021, companies on the simplified tax system with excess limits have been paying higher rates:
  • 8% for the tax type “Income”;
  • 20% for the tax type “Income minus expenses”.
As of January 1, 2025, these increased rates will be cancelled. Now companies operating under the simplified tax system will pay taxes at standard rates:
  • 6% for the tax type “Income”;
  • 15% for the tax type “Income minus expenses”.
Globas provides the opportunity to obtain complete information about the counterparty's taxes and fees, analyze the application of special tax regimes, track changes in the tax burden by year, and conduct a comprehensive assessment of its financial stability.

Progressive personal income tax scale

From January 1, 2025, a five-level progressive scale of personal income tax (PIT), provided for in subparagraph "а" and "д" of paragraph 36 of Article 2 of the Law No. 176-FZ: dated 12.07.2024:
  • 13% - for income up to RUB 2.4 million;
  • 15% - for income from RUB 2.4 to 5 million;
  • 18% - from RUB 5 to 20 million;
  • 20% - from RUB 20 to 50 million;
  • 22% - over RUB 50 million.
The new rates apply only to those exceeding the established limit. This applies to salaries, vacation pay, sick leave, income from entrepreneurial activity and other basic payments to residents.

Sanctions 2025

The geopolitical situation in the world continues to change dynamically. New sanctions and restrictions are expected both from the beneficiaries of the sanctions policy and in response. US restrictions against China are expected to become more stringent.
In Russia, the current measures remain in place: the President extended the food embargo applied under the Special Economic Measures, extending it to New Zealand. The lists of goods subject to export control and permitted for parallel import are regularly updated, which requires constant monitoring.
Sanctions Compliance in Globas provides the ability to screen Russian and foreign entities, persons, water and air transport. Persons associated with the companies are also checked: beneficiaries, owners, managers, affiliated companies and subsidiaries. The module contains extensive information about the imposed sanctions and restrictions, including the 50 Percent Rule, additional sources and deeper analytics on companies, persons and objects that have fallen under restrictions and in various risk registries.

Blacklist of employers

From January 1, 2025, a Register of Companies Violating Labor Laws will begin to function on the Federal Service for Labour and Employment (Rostrud) website. It will include organizations that conceal labor relations by offering civil law contracts or work without registration. Exclusion from the list is possible if the company does not commit repeated violations within a year. This mechanism is aimed at protecting workers, increasing the transparency of the labour market and combating illegal employment.

Pivot to the East continues

In the context of global changes and increasing sanctions pressure, Russia in 2025 will continue to actively develop relations with Asia, the CIS and Middle East. This strategic "pivot to the East" opens up new horizons for business, but requires taking into account the risks and specifics of working with foreign partners.
To successfully enter new markets, it is important not only to study the economic and legal features, but also to ensure the reliability of business connections.
Credinform Information Agency and Globas Information and Analytical System can help in performing due diligence tasks when checking international business partners.

Thanks to a wide network of partners, Credinform provides information about legal entities and entrepreneurs around the world on all continents: from multinational corporations to offshore companies and individual entrepreneurs. To verify the solvency of the company, to identify the owners or to check the fact of registration in an offshore zone – local experts will provide comprehensive information and a competent resume.

API – digitalization trend in 2025

In 2025, digitalization will reach a new level, making API a key tool for integration and automation of business processes. API technology simplifies data exchange between systems, increases the speed of work and helps to keep up with global digital trends.
Instant data exchange with Globas.API allows you to integrate data from Globas into your corporate system. These can be accounting or management programs 1C, Bitrix, CRM, SAP, as well as your own developments.
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Herald
Checking the financial statements of a foreign company using Globas
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Photo: Freepik.com
Analyzing the financial statements of foreign companies is a task that often falls on managers of the financial department, or is performed by external financial consultants. This obligation is often assigned to managers or sales department who directly cooperate with foreign counterparties.
It can be difficult to understand financial indicators and understand what they indicate without special training. But with the help of a simple and affordable technique, you can quickly assess the financial condition of a foreign partner.
In our Newsletter we will tell you about key indicators containing in IFRS financial statements, their meaning and using for initial analysis of the counterparty.

What is IFRS and why it was created

IFRS is the International Financial Reporting Standards (IFRS). IFRS allows companies to keep their accounting in a language understandable to international investors. In other words, it is a "single language" for the financial statements of companies around the world.
Previously, each country had its own standards, for example, the financial reports of French companies were completely different from those of organizations from Japan. This created difficulties for investors and counterparties, as it was hard to compare data and assess the financial condition of the company. IFRS was developed to simplify this process by standardizing the reporting of financial information.
Today, companies that operate in international markets or attract foreign investment are required to report under IFRS. This standard is also important for Russian companies. It allows you to attract capital from foreign markets or conclude transactions with international partners.

Forms of reporting under IFRS

IFRS reporting consists of the following forms:
  1. Statement of financial position (or Balance Sheet) - shows the assets of the company (what it owns) and liabilities (what it owes).
  2. Statement of comprehensive income - demonstrates how much the company earned (or lost) over a certain period.
  3. Cash flow statement - reveals how the company uses money: how much it received and what it spent on.
  4. Statement of changes in equity - shows changes in the company's equity, for example, due to the issue of shares or the distribution of dividends.
Each of these forms answers different questions about the company's activities, and together they make an overall view of the financial condition.

Express methods of IFRS financial statements analysis

To get an overview of the financial condition of the company, it is enough to consider several key indicators, and identify negative and positive factors.
  1. Revenue and net profit show the company's income and profitability. When analyzing, it is also worth paying attention to the trend of 2-3 years. If the indicators are growing, this is a good sign.
  2. Current liquidity ratio shows whether the company is able to cover its current liabilities. If the current liquidity ratio is higher than 1, it is a sign that the organization can manage its short-term liabilities.
  3. Debt ratio indicates dependence on borrowed funds. The lower the ratio, the better: the company is less dependent on external funds.
  4. Cash flow from operating activities reflects whether a company is able to generate cash from its core operations without relying on loans. Therefore, a positive flow shows that the organization earns from its core activities.
During the analysis of key indicators, negative and positive factors in the company's activities should be identified. This method will help you quickly assess the financial condition of the company.
The negative factors may include:
  • high debt burden (debt ratio);
  • negative operating cash flow;
  • low liquidity.
Positive factors include:
  • revenue growth;
  • stable profitability indicators;
  • positive operating cash flow.
If negative factors are dominant, it is necessary to refuse to cooperate or conduct prepayment transactions and vice versa.
Using this express technique, you can get an initial picture of the financial condition of a foreign counterparty in a few minutes.

Similarity of national and international standards

What if a foreign company does not report according to international standards and conducts accounting only in accordance with national requirements?
This express method allows you to assess the financial condition of the company, regardless of the applicable national standard.
Obviously, the correlation of lines between IFRS and national standards of financial accounts (for example, RAS in Russia, HGB in Germany, CAS in China or GAAP in the USA) may vary depending on the specific standard, but all requirements have common comparable positions. Comparable positions include key financial indicators such as:
  • revenue;
  • cost;
  • operating expenses;
  • profit before tax;
  • net income;
  • fixed assets;
  • intangible assets;
  • cash, etc.
By analyzing and combining these indicators, you can determine the financial condition of the future foreign partner using the express method.

Globas capabilities in financial analysis

The Information and Analytical System Globas allows you to conduct an in-depth check of the financial condition of a foreign counterparty, identify a temporary loss of solvency and conduct broad analytics on all forms of financial accounts.
Financial accounts of international companies are placed in accordance with the national standard, i.e. the territorial belonging of the organization is taken into account. In addition, IFRS financial statements are available for companies with international economic relations.
A potential foreign partner can be checked offline and online. Basic information is available online, depending on the primary data source. Offline reports contains expanded information due to the manual work of the expert. The report can include additional information on affiliated persons, litigation in the Russian Federation, enforcement proceedings in the Russian Federation, certificates and declarations received in Russia and check for entry into the sanctions lists of Russia, the USA, EU, Great Britain and other countries.
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