- June 4, 2018
Public Disclosure of Russian Companies Data Is Postponed
The Russian Federal Tax Service has postponed the launch of the “Transparent Business” project until August 1, 2018. The public disclosure of corporate data (except secret tax information) was to have been launched on June 1, 2018.
The Tax Service plans to publish the data of all Russian firms. There’s however one exception: companies which classified by the Tax Service as “strategic” (i.e. military and state-owned enterprises): the data of such firms will be published no sooner than 2020.
What kind of data will be disclosed?
The disclosure of companies’ information will be undertaken in several stages:
- Since August 1, 2018 the following data will be publicly available:
- special tax regimes (if applied by the company);
- participation in a consolidated group of taxpayers (if applicable);
- number of employees.
- Since October 1, 2018:
- income and expenses according to the company’s accounting reports;
- amount of paid taxes, fees, and social contributions .
- Since December 1, 2018:
- amount of arrears, fines, and delay penalties;
- tax offences and penalties (with the amount of fines for them).
Implications for business
The purpose of data disclosure is to make businesses more transparent: companies will get an opportunity to easy select counterparties and partners and avoid risks.
It is also worthwhile to check your own company when the company’s data becomes public: any possible errors in the company’s disclosed information may harm the relationships with your customers, suppliers, partners, or employees.
What you should do before the public disclosure
Before the Tax Service opens the access to the database, we recommend performing a reconciliation of accounts with Russian tax authorities to exclude any incorrect details in the disclosed data.
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