The State Duma in the third reading passed a bill on the transitional tax regime for small and medium-sized business entities that have lost the right to apply the simplified taxation system (referred to below as STS). The essence of this period is that starting from January 1, 2021, SMEs will retain the right to apply the simplified taxation system, but they will have to pay a unified tax at increased rates:
The system will apply in respect of the SMEs whose figures at the end of the tax period are as follows:
If at the end of the tax period:
– amount of expenses exceeds the amount of income, then for this tax period, the taxation base is assumed to be zero.
– amount of income exceeds 200,000,000 rubles and the average number of employees exceeds 130 people, then such a company loses the right to apply the STS from the quarter in which the specified exceedings have happened.
This regime will allow companies to apply the STS and not to restore tax accounting and tax liabilities from the beginning of the reporting (tax) period in which the specified exceeding occurred.
Please be reminded that, according to the requirements of tax legislation, companies may switch to the STS on a voluntary basis while meeting a number of restrictions:
To switch to the STS, organizations should submit a relevant notification to the tax inspectorate by December 31 of the current year. Companies will be able to apply the STS starting next year.