Russian Finance Ministry proposes simplified tax registration for foreign companies
The bank where the account is opened will send the application to the tax authority electronically, according to the document.
The Russian Ministry of Finance has developed a draft law aimed at simplifying the process for registering foreign companies with tax authorities. The document has been published on the portal of regulatory legal acts.
"The draft law eliminates the need for foreign companies to submit an application and other documents to tax authorities for registration when opening a bank account," according to an explanatory note.
The bank where the account is opened will send the application to the tax authority electronically, according to the document. Once the tax authority receives the application, it must register the company within five days and issue an electronic certificate.
The draft law has been developed in response to practical experience that highlighted the need to simplify the registration of foreign organizations.
Earlier, Russian President Vladimir Putin instructed the government and the Central Bank to ensure the establishment of a simplified registration process for non-residents by mid-July.
Source
The Russian Ministry of Finance has developed a draft law aimed at simplifying the process for registering foreign companies with tax authorities. The document has been published on the portal of regulatory legal acts.
"The draft law eliminates the need for foreign companies to submit an application and other documents to tax authorities for registration when opening a bank account," according to an explanatory note.
The bank where the account is opened will send the application to the tax authority electronically, according to the document. Once the tax authority receives the application, it must register the company within five days and issue an electronic certificate.
The draft law has been developed in response to practical experience that highlighted the need to simplify the registration of foreign organizations.
Earlier, Russian President Vladimir Putin instructed the government and the Central Bank to ensure the establishment of a simplified registration process for non-residents by mid-July.
Source