Russia’s State Duma Adopts Small Business Account Maintenance Simplification Bill

The State Duma of Russia adopted a bill on the simplification of the small business account maintenance in the third readings.

It should be reminded that under the law (The Federal Act on Russia’s Small and Medium Enterprise Development from 24.07.2007 N 209-ФЗ) by the small-scale business means enterprises and individual entrepreneurs with no more than 100 employees and with annual turnover without VAT or book value of assets (net book value of fixed and intangible assets) no more than 400 million of rubles.

The Bill will come into effect from the day of its official publication as soon as it is approved by the Federation Council and signed by the President.

The text of the Bill is available on the Russia’s State Duma website.