On 11 April 2017, which is the Tax Officials Day, Mikhail Mishustin, the head of the RF Federal Tax Service, reported to the RF President Vladimir Putin about the 2017 first quarter results and advised him of the Tax Service plans to cancel simplified tax declarations and substitute them with automatic accruals.
“There will be no need to submit these declarations or anything else, if everything is clear, and if the simplified tax system allows for a transparent dialogue with the government”, - said Mikhail Mishustin.
The simplified tax system (STS) makes it easier for a company to perform its activities but does not presuppose a complete tax relief or exemption from submitting tax reporting. If a company uses the simplified tax system, it has a smaller volume of tax levies and respective finance documents. The STS is mostly popular with start-up founders and entrepreneurs-beginners.
Presently, STS declarations are to be submitted by 31 March by OOO owners or by 30 April by individual entrepreneurs. Tax declarations are standardized and have a simple and clear structure. The main thing is to correctly specify personal data and numbers which reflect the business turnover.