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New tax regime developed for small businesses

New tax regime developed for small businesses

The Federal Tax Service has developed a new tax regime for small businesses. The bill covers organizations and individual entrepreneurs on a simplified taxation system.

As reported "Vedomosti", the document provides for their exemption from contributions to pension, social and health insurance for themselves and employees with an increase in the tax burden. In particular, for companies with the STS regime “income” the rate will increase from 6 to 8% of revenue, with the regime “income minus expenses” - from 15 to 20% of profit. The FTS also proposes to raise the minimum tax level for the latter from 1 to 3% of annual revenue. Now, if the amount of tax of an enterprise on this STS mode is less than 1% of annual revenue, it is obliged to transfer 1% of its income to the budget.

The transition to the new tax regime will be voluntary, the application is supposed to be submitted through the taxpayer's personal account. The regime will apply to entrepreneurs with up to five employees and revenue of up to 60 million rubles per year without restrictions on the type of activity.

Users of the new tax regime will be exempted from the obligation to maintain accounting records and submit tax returns. Testing of the mode will begin on July 1, 2022 in a number of regions of Russia. From January 2024, it is planned to extend the regime to all small businesses.

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