Russian Federal law to improve tax administration signed

Russian Federal law to improve tax administration signed

Vladimir Putin has signed the Federal Law "On Amendments to parts one and two of the Tax Code of the Russian Federation and to certain other legislative acts of the Russian Federation, and the repealing of certain provisions of legislative acts of the Russian Federation".

The federal law provides for introduction of amendments to parts one and two of the Tax Code of the Russian Federation and to certain other legislative acts of the Russian Federation aimed at improving tax administration.

The law provides, in particular, the extended  bank guarantee to be used in taxation, the detailing of the tax authorities’ powers in terms of issuing forms and formats of documents that are necessary for the implementation of powers of the Russian Federal Tax Service Inspection in fiscal matters.

There has been introduced a new article, according to which in case of changes in timing of execution of obligations to pay taxes, this obligation may be secured by a bank guarantee.

The bank, which acts as a guarantor, must fully execute obligations of a taxpayer on the basis of written requirement provided by the tax authorities. Also, according to the new article, a bank guarantee must be provided by the bank which is included in the list of the Russian Ministry of Finance on the basis of information obtained from the Central Bank of the Russian Federation.

In addition, the law provides that at the request of a company, in respect of which the decision was made to confiscate the property tax authorities have the right to change arrest of property to pledge of property.

In such case, the amendments clarify certain powers of the tax authorities when collecting taxes and certain provisions when registration with the tax authorities of management companies of closed mutual investment funds, responsible members of consolidated groups of taxpayers as well as individuals, on the basis of information received from tax and registration authorities, RBC reported.

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