FTS will receive full online access to the financial statements of medium-sized businesses

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The Federal Tax Service is preparing to obtain remote online access to the accounting and tax reports of more than 200 Russian companies.

This opportunity will be opened up by the amendments to the Tax Code, which were prepared by the Ministry of Finance. The FTS already has free access to reports of the largest companies – they have been using this opportunity since 2015.

“In 2020, tax monitoring is carried out in relation to the 95 largest payers, including 48 companies with state participation,” the Federal Tax Service said. The amendments should expand the list of companies, to whose reports the department will receive remote access.

“The draft law provides for the reduction of the sum criteria to 100 million rubles for taxes and up to 1 billion rubles on income and assets, “- explained the representatives of the tax service.

Alexander Selivanov, Deputy Director of the Legislative Activity Department of the RF CCI, emphasizes that entering tax monitoring is a right, not an obligation of companies. “The first experience has shown that the companies that have started to use this mechanism and have disclosed all the accounting documentation for the tax service, positively assess the results,” he said.

Experts explain that connecting to the monitoring system can reduce the costs of companies associated with tax audits. Also, tax monitoring makes life easier for both parties in terms of document flow.