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    PRESIDENT PUTIN TO SIGN A LAW ON AGRICULTURAL PRODUCERS' TAXATION

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    MOSCOW, APRIL 5, 2004. (RIA NOVOSTI). Russian president Vladimir Putin will soon sign a law on introducing changes in the Tax Code of the Russian Federation concerning agricultural producers' taxation.

    I will soon sign a law on introducing changes in the Tax Code of the Russian Federation which concern agricultural producers and are aimed at avoiding unjustified expenditures when using the agricultural producers' taxation system, the president said at a session with members of the cabinet on Monday.

    On his part, agriculture minister Alexei Gordeyev reminded all those present that a new taxation system for agricultural producers was introduced last year - a single agricultural tax. It came into force on January 1 but practice showed that developed economic entities experienced technical difficulties when trying to transfer to a new system. For instance, they should return VAT from the unamortized equipment, the minister specified.

    According to him, a half of the economic entities transferred to a new tax. But taking into account these difficulties it was decided to introduce amendments into the law.

    "If you sign (amendments), this will be a wide-scale approach," Gordeyev told Vladimir Putin. "We are waiting for these amendments," the minister added.

    This means, the president replied, that those who did not transfer to the new system of taxation can submit the appropriate documents later, until June 1.

    Certainly, we will do it now, Putin declared meaning that he is going to sign the corresponding amendments any time soon.

    On March 19, the State Duma adopted in the first and third readings the amendments to chapter 26 of the second part of the Tax Code of the Russian Federation specifying the procedure of transition to the payment of a single agricultural tax and return to the common taxation regime.

    The adopted amendments add norms to the Tax Code of the Russian Federation which establish that during the transition to the payment of a single agricultural tax, the VAT sums adopted by agricultural producers for deduction before the transition period should not be paid to the budget.

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