Amendments to the Law «On financial accounts»

Since January 01, 2020 the Federal Law No. 444-FZ from November 28, 2018 «On Amendments to the Federal Law «On financial accounts» came into force.

According to the amendments, the State information resource of accounting (financial) statements will be organized in Russia. The Federal Tax Service (FTS of Russia) is authorized to maintain the resource.

In accordance with the Federal Law, beginning from the financial accounts for 2019, all companies are obliged to file accounts only in electronic form. Small business entities will file accounts in electronic form since 2020.

Along with this, now the companies are not obliged to submit the accounts to the State statistics authorities.

The accounts should be submitted to the tax authorities at the place of registration of the taxpayer no later than three months after the end of the reporting period.

Besides, the Law defined that the Central Bank of the Russian Federation submits the annual accounts (annual balance and profit and loss account) until 15 May of the year following the reporting period.

Interested parties can get information from the State information resource of accounting (financial) statements for a fee.

According to the Information and Analytical system Globas, during 2016 – 2018 about 2,2 million of financial accounts at average have been filed with the State statistics authorities annually. After the creation of the State information resource of accounting (financial) statements, the number of accounts collected by the FTS of Russia will be close to 4 million and will be comparable to the number of entities registered in the Unified State Register of Legal Entities.

Financial accounts for 2019 as well as for previous periods will be fully represented in the Globas.