Amendments to the Law «On financial accounts»

The Federal Law of 28.11.2018 №444-FL «On Amendments to the Federal Law «On financial accounts» have come into force, aiming at alleviation of presenting accounting statements by organizations to the state authorities.

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

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.

Those are not obliged to file accounts to this resource:

  • public sector organizations;
  • the Central Bank of the RF;
  • religious organizations;
  • credit and non-credit institutions filing accounting statements to the CB RF;
  • organizations that accounting statements are concerned as state secret;
  • other organizations – according to the decision of the Government of the RF.

ТOtherwise, many of the above mentioned companies will file their accounts to the FTS RF in accordance with the amendments to the Article 23 of the Tax Code accepted by the Federal Law of 28.11.2018 №447-FL. In particular, public sector tax payers are obliged to present annual accounting statements to tax authorities at its location not later than 3 months following the end of accounting period.

Besides, it is provided by the Law that the CB RF presents annual accounts (balance sheet and financial results report) not later than on May 15 of the year, following the accounting period.

Alongside with these measures, an obligation to file accounting statements to the state statistics authorities is cancelled.

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

It should be reminded that, according to the data form the Information and Analytical system Globas, during 2015 – 2017 about 2,4 mln financial statements at average have been filed to the state statistics authorities annually. According to experts, after creating of the State information resource of accounting (financial) statements amount of financial statements collected by the FTS RF will be close to 4 million and be comparable to the amount of companies, entered to the Unified state register of legal entities.

Data about tax arrears are published in the Globas system

On December, 1 2018 the Federal Tax Service (FTS) has disclosed publicly available data about debts of legal entities on taxes and fees and information about tax evasion.

Data about amounts of arrears, late fees, penalties: 1,5 mln companies.
Data about tax evasion: 370 th companies.

Data are referred to penalties and arrears that were formed till December 31, 2017 and not paid up till October 1, 2018.

Information that was earlier classified as tax secret is now available in the Globas system in the «Taxes and fees» section of the company report, where can be found data about special tax regime, participation of organizations in the consolidated group of taxpayers, paid amounts of taxes and fees.

Earlier the FTS has also disclosed information about average number of employees of legal entities, amounts of incomes and expenditure of companies according to the data from the financial accounts for 2017. Data are displayed in the section «Key financial and economic indicators» of the Globas system.

Arrears amounts, fees and insurance penalties for the first time will be published by the FTS in 2019.

With the help of new information users of the Globas system can manage counterparty risks with dishonest taxpayers.

It should be reminded that data are published regarding Russian legal entities, except for strategic enterprises, military industrial sector companies and the largest taxpayers.