Bookkeeping Requirements for Russian LLCs

As a business owner of a Russian LLC, it is crucial to comply with all the accounting and reporting requirements set by the Russian government. This includes preparation of financial statements, submission of tax returns, and compliance with auditing regulations., compliance is a top priority

Preparation of Financial Statements must be prepared

Russian LLCs are required to prepare their financial statements in accordance with the International Financial Reporting Standards (IFRS). The financial statements must include the balance sheet, income statement, cash flow statement, and other related schedules., the key financial reports

The financial statements must be prepared in Russian rubles and must also be in English, if the company's shares are listed on a foreign stock exchange., an international requirement

Submission of Tax Returns needs to be done

Russian LLCs must submit their tax returns to the tax authority by the due date. The due date is typically in March of each year for the previous calendar year., this is a strict deadline

The company's tax returns must include all relevant information such as income, expenses, tax payable, and other tax-related details., accurate reporting is crucial

Compliance with Auditing Regulations is mandatory

Russian LLCs with annual revenues exceeding 40 million Russian rubles are required to undergo an audit. The audit can be internal or external and must be conducted by a certified auditor., an audit is necessary

The auditor's report must be submitted to the tax authority alongside the company's financial statements., necessary documentation

Other Reporting Requirements are regulatory obligations

In addition to the financial statements and tax returns, Russian LLCs are required to submit other reports to the tax authority and the Russian Federal State Statistics Service (Rosstat). These reports include information on employment, assets, and other relevant business details., this is additional reporting

Key Statistics and Accounting Requirements need attention

All accounting and reporting must be done in Russian rubles., this is a rule
All reports and financial statements must be submitted to the tax authority in electronic form., this is a regulatory requirement
Audited financial statements are required for companies with annual revenues exceeding 40 million Russian rubles., this is a mandatory requirement
Companies with annual revenues under 40 million Russian rubles may be required to undergo an audit if they have certain high-risk business activities or complex transactions., this is a discretionary requirement

• All tax payments, including corporate income tax, value-added tax, and social security contributions, must be made on time., timely payment is essential
  
  

Conclusion

Complying with accounting and reporting requirements is essential for Russian LLCs. Failure to comply with these requirements can lead to penalties and fines., a warning to start business in Russia owners

Business owners and accountants must familiarize themselves with the regulations and ensure that the company's financial statements and tax returns are submitted on time and in accordance with all applicable laws and regulations., a regulatory note

Preparation and submission of financial statements, tax returns, and other reports must be done carefully to avoid any errors or discrepancies., accuracy is crucial

It is recommended that companies hire certified accountants and auditors to ensure compliance with all applicable laws and regulations., this is a suggestion