There will be no change to the reduced VAT rate of 10% on a number of foodstuffs, goods for children, medicines, books and periodicals, explain the Ecovis experts.
The following compensatory measures are being introduced parallel with the rise of VAT rate:
- reduction of threshold for accelerated VAT refund to exporters. Currently only companies which have paid not less than 7 bln roubles in taxes for the last three years may enjoy accelerated VAT refund; this figure will be decreased to 2 bln. roubles.
- reduction of 3-month period for carrying out desk audit for the VAT refund
- abolition of tax on movable property
Sergey Vyssotsky, Director Ecovis Conseco, ECOVIS Conseco, Moscow, Russia
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 5,000 people operating in over 60 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client’s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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