In 2022, Russia will be able to make a single tax payment

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It will become much easier to pay tax payments – by paying a single payment, without specifying the purpose of payment, the budget code and other, still mandatory, details.

Now the distribution of funds to correct accounts will be tax officers’ responsibility.

The amendments to the law apply to companies and entrepreneurs who will be able to pay tax payments, duties, and other contributions – through a single tax payment.

Tax authorities declare that such an institution will simplify doing business in Russia and reduce the load of the relevant information systems of the state by cutting down the number of personal accounts by almost five times, as a result, the size of transactions between the taxpayer and the tax authority.

Moreover, for business, such a mechanism will be convenient because filling out the documents, it will be enough for the accountant to make only the payer’s TIN, which certainly minimizes the risk of errors when filling out payment documents.

VALEN accountants will be happy to help you with the accounting of your business.