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Property Tax

property taxThis tax must paid by:
- Russian organizations;
-Foreign organizations, carrying on business in Russian Federation through the permanent representative offices;
- Foreign companies which have immovable property on the territory of the Russian Federation.
-Individual employers and natural persons are the taxpayers of personal property tax.

The organization, which consists of the separate subdivisions with separate balance, must pay the tax on the property of these subdivisions to the budget at the location of last ones.
Objects of taxation and the order of tax calculation

In accordance with the article 374 of Tax Code, the tax imposed on the movable property and real property which are on the balance sheet of the organization as fixed assets(except for ground area and other objects of nature.)
The cost of the above - mentioned property is determined after deduction of the accumulated depreciation in business accounting.
That is, in order to calculate the tax, we must take the net depreciated value of the fixed assets which is based on accounting data.
The average value of the property is calculated by the following way:
- for the first quarter
(Total residual value of taxable property as of January 1, February 1, March 1, April 1) : 4;
- for the second quarter
(Total net depreciated value of taxable property as of January 1, February 1, March 1, April 1, May 1, June 1, July 1): 7;
-for the third quarter
(Total residual value of taxable property as of January 1, February 1, March 1, April 1, May 1, June 1, July 1, August 1, September 1, October 1) : 10;
- For the year
(Total net depreciated value of taxable property as of January 1, February 1, March 1, April 1, May 1, June 1, July 1, August 1, September 1, October 1, November 1, December 1, December 31): 13;
The maximum tax rate cannot exceed 2.2% of the average annual value of the property. Regional governments set the specific tax rates in the regions taking into consideration the above restrictions.
The property tax is calculated quarterly. The amount of tax calculated for the first three quarters, is called the advance tax payments. Tax computed for the whole year is reduced by the amount of the advance payment.

The calculation of the advance payment for the first three quarters:

The quarterly advance payment = the average value of the property for a particular quarter × ¼ × tax rate.
The
calculationoftaxforthewholeyear:

The annual payment = the average value of the property × the tax rate – the advance payments for the first three quarters.

The annual payment = the average value of the property × the tax rate – the advance payments for the first three quarters.

Taxes and advance payments must be paid within the period, specified by the subject of the Russian Federation. The amount of accrued property tax included in other expenses of the organization, which is considered for income tax.

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