The Federal Tax Service of Russia (FTS – authority responsible for registrations and taxation) has launched on August 1, 2018 the initiative “Transparent Business” involving step-by-step disclosure of company data which is not a subject of tax secrecy.

The regulation of tax secrecy on company information, which is submitted to and collected by the registration and tax authority, was withdrawn based on the Federal Law No. 243-FL of July 3, 2016.  In this regard, the authority had to approve the terms and time frame and then with the process of further disclosure.

The approval of the terms and time frame for publishing was based on the FTS Order No. MMV-7-14 / 729 as of December 23, 2016 and amended on May 30, 2018. The publication schedule includes a number of stages. Since August 2018, in particular, the disclosure of employment data has been activated.  This involved 2.5 million companies disclosing data on total employment as of December 31, 2017.

As of October 2018 the Federal Tax Service will disclose a number of data sets from financial statements of Russian companies, for instance revenues and expenses.

As of now only data on limited liability companies have been disclosed. It is anticipated to disclose information on other legal entities including strategic enterprises, joint-stock companies, defense industry corporations and the largest taxpayers by 2020.

Up-to-date information previously considered as a tax secrecy is already available for users of Globas – the Information and Analytical system – credit management solution developed by Credinform Russia.

Source:  Credinform Russia