Changes in company accounting in 2013

18.09.2012

 In the Federal Law “On accounting” № 402-FL crucial amendments were made, relating to preparing of documents for accounting submission of organizations. Today the frequency of accounting submission to tax authorities – quarter or year (ss. 5, section 1, article 23 Tax Code of the RF).

 From 1^st January 2013 companies will have to submit balance to the Federal Tax Service only once a year, but not later than 3 months since the end of financial year. Furthermore, this information should be submitted in 2 copies: one – to the Federal Tax Service, another – to the Federal State Statistics Service. However, preparing of quarter balance and accounting is necessary for organizations.

 What tax reporting concerns, the Ministry of Finance of Russia proposes that in 2013 tax returns on profit tax taxpayers won’t have to submit in reporting periods. They will be replaced by the special advance payments of simplified form. Nevertheless, this is fixed only in recommendation letter on directions of tax policy for 2013-2015 years. More significant that in summer 2012 the bill was introduced to the State Duma of the RF that changed the way of reporting on income tax: obligation of its submission is brought upon the tax agents at the end of the tax period without specification on individuals.

 Concerning reporting on insurance contributions it is important to notice that in 2013 new forms of reporting are introduced because of imposition of regressive scale of calculation, new tax privileges. In addition, from 2013 control over reporting on insurance contributions is transferred from the competence of the Pension Fund to the competence of the Federal Tax Service.

On the basis: http://www.nalog.ru/otchet/

http://www.pfrf.ru/for_employers/

Expert’s opinion

Wide range of requirement changes to accounting, tax reporting and reporting on insurance contributions is explained by different factors. For instance, concerning accounting – by willing to abolish the additional quarter accounting which will free organizations from necessity of justifying discrepancies between quarter accounting and returns on profit tax. Tax authorities will be able to request such explanations only by the end of the year. Moreover, the introduced changes comply with the International Accounting Standards, in particular, section 34 “Interim financial statements” that doesn’t provide obligatory financial statement submission to the controlling authorities. Excessive requirements are also eliminated in relation to tax reporting: as it was mentioned above it is not longer required to submit a detailed tax return on income tax (only the total income is indicated). However, tax returns on profit tax and VAT still should be submitted quarterly till the legislator doesn’t make new decision.

Thus, in a whole, companies reporting will be reduced by 1 document, reflecting quarter accounting that will facilitate the work of companies.

In addition, transfer of controlling powers to tax authorities from the Pension Fund of the RF in relation to reporting on insurance contributions is explained by the prognosis of the pension system collapse.

 

Julia Akhmetova ( Paralegal of Moscow office company Honest & Bright)