Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system.
This system offers taxpayers a streamlined process for exchanging information with tax authorities and provides exemptions from most desk and field audits, along with other benefits.
Starting from 1 January 2025, Russia will implement new financial thresholds for participation in its tax monitoring system. The updated criteria require businesses to have a total annual income of at least RUB 800 million, down from the previous threshold of RUB 1 billion. Similarly, the total value of assets must now be at least RUB 800 million, reduced from RUB 1 billion. The minimum total annual taxes paid, which include value-added tax, excise tax, profits tax, mineral extraction tax, and others, will be lowered to RUB 80 million, down from RUB 100 million.
Eligible taxpayers meeting these new criteria can voluntarily apply for participation in the tax monitoring system, which is aimed at fostering greater transparency and cooperation between businesses and tax authorities.
