- Russian Ministry of Finance updates VAT repayment rules for entities transitioning to simplified tax system
- Those with income over RUB 60 million will be classified as VAT payers
- Reduced rates of 5% for income up to RUB 250 million and 7% for income exceeding that
- Entities opting for standard VAT rate will be liable for 20% (or 10% for certain goods) and allowed to deduct VAT
- Businesses transitioning to simplified tax system must repay previously deducted VAT amounts if income was up to RUB 60 million or subject to reduced rates
- Those with income over RUB 60 million adopting general VAT rate not required to repay previously claimed VAT amounts
Source: regfollower.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
