Russian Ministry of Justice suggests that penalties for incorrect accounting reporting, late reporting or non-reporting shall be increased over 140 times.
The current penalty for the said violations is up to 5.000 rubles (approx. EUR 60). If the draft law will pass, companies that failed to file their accounting reports for 2020 on time will pay a penalty of up to 700.000 rubles (approx. EUR 8.000).
The exact amount of the penalty will depend on how much the reporting deadline was exceeded and if the reporting was subject to compulsory audit.
Filing any reports to Russian authorities requires professional skills and experience; a minor violation may lead to significant fines.
Please feel free to contact our accounting team to file professionally drafted reports and protect your company from extortionate penalties.