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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Russian Federation

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About

Russian Federation

Capital
Official languages
Population 
Currency

ISO 4217

Moscow

Russian

146,877,462

Russian Ruble

RUB

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Economy

The Russian Federation has a strong and growing economy. According to the World Bank, the Russian economy grew by 1.3% in 2019, and is expected to grow by 1.8% in 2020. The country has a GDP of $1.7 trillion, making it the 11th largest economy in the world. The unemployment rate in Russia is 4.3%, which is lower than the global average of 5.7%. The inflation rate in Russia is 3.7%, which is lower than the global average of 3.9%. The country has a large and diversified industrial base, with the largest sectors being manufacturing, mining, and energy. Russia is also a major exporter of oil and natural gas, and is the world’s second-largest exporter of oil. The country also has a large agricultural sector, with the main crops being wheat, barley, and rye. Russia is also a major exporter of timber and other forestry products. Overall, the Russian economy is strong and growing, and is expected to continue to grow in the coming years.

Taxation

In the Russian Federation, the taxation system includes taxes on income, profit, property, and value-added tax (VAT). The tax laws apply to both individuals and corporations.


For individuals, income tax is levied on their income from all sources, including employment, business, and investment income. The tax rates range from 13% to 15%, depending on the amount of income earned.


For corporations, the profit tax is levied on their profits. The tax rate is 20% for most corporations, but a reduced rate of 15.5% applies to small businesses. In addition, property tax is levied on the value of land, buildings, and other assets owned by the corporation.


Value-added tax (VAT) is levied on the sale of goods and services. The standard VAT rate is 20%, but reduced rates of 10% and 0% apply to certain types of goods and services.


The tax payment process involves filing tax returns and paying the taxes due. The tax year in Russia is the calendar year, and tax returns must be filed by March 31 of the following year. Advance tax payments must be made on a quarterly basis.


The tax payment process is electronic, and taxpayers can use the tax authorities' online system to file returns and make payments. The system also provides access to tax information, including tax assessments, penalties, and interest charges.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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