The law comes into force on 1 January 2016 and enables the declarative procedure for VAT refund without submitting to the tax authorities a Bank guarantee to a wide range of taxpayers.
MOSCOW, 29 Dec. The President of Russia Vladimir Putin signed the law, improving the declarative order reimbursement of value added tax (VAT), reported on the official portal of legal information.
The document was developed by the Ministry of Finance. Changes to the Tax code.
The law gives the right to the declarative procedure for VAT refund without submitting to the tax authorities a Bank guarantee to a wider range of taxpayers compared to current procedures. In particular, is reduced from 10 billion rubles to 7 billion rubles threshold according to the total amount of taxes paid for the three calendar years preceding the year in which the application is submitted on the declarative procedure for VAT refund.
The law comes into force on 1 January 2016 and applies to VAT refunds on tax returns submitted for tax periods starting from the first quarter of 2016.
In financial and economic justification States that the bill “will lead to the loss of Federal revenues in the first tax period after its entry into force in the amount of about 6.6 billion rubles.”