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Companies that make monthly advance payments on profits tax in 2020 (calculated based on the profit of the previous quarter) have an option to switch to a different method ahead of time: based on the actually made profit at the end of the month (Federal Law No. 121-FZ dated 22/4/2020). This option may become more advantageous for organizations affected by decrease in demand in 2020.
In order to change the method of calculating advance payments, it is necessary to notify the tax authority at the company’s location about it not later than the 20th day of the month in which the reporting period ends. To switch to this system in April, a special term for submitting information is set – until May 8, 2020. The recommended notification format is provided in the Appendix to the Letter of the Federal Tax Service dated April 22, 2020. No. SD-4-3/6802@.
Acsour experts will be happy to answer your questions about optimization of tax payments.
