Controlling your business revenues and expenses is an integral part of any business. Due to numerous unique features and state regulations, Russian standards of accounting vary greatly from those prevalent in the European countries.
Features of Russian accounting
The legislation of the Russian Federation strictly governs the proper and timely accounting for all companies operating in Russia. Businesses prepare their balance sheets, income statements and tax returns on a quarterly basis and submit them to the local authorities. In addition, reports must be submitted regularly to pension, social security and statistical authorities as well as to other governmental authorities. The number of quarterly reports can vary from one quarter to another depending on the business activity and industry sector of a company, with different due dates set. Multitude of rules and instructions makes it necessary for a company to rely on experienced accounting specialists. Another feature of Russian accounting is its primary function: to calculate taxes to be paid, rather than presenting the financial situation of a company.
Taxes in Russia
Taxes are not always charged uniformly in Russia. Taxes in Russia are divided into federal, regional and local. There are multiple nuances to be mindful of when it comes to taxes in Russia, such as the correct calculation of the tax base, applying a proper tax rate etc. Federal Tax Service has considerable powers and keeps a watchful eye on the companies and inviduals. Our specialists give consultations to both persons, interested in setting-up a business in Russia, and already established and operating companies.