Contents / what are the advantages of the simplified system of taxation?

WHAT ARE THE ADVANTAGES OF THE SIMPLIFIED SYSTEM OF TAXATION?

Upon application of the simplified system of taxation instead of payment of the majority of other taxes, a self-determined amount is paid, with the taxpayer choosing the object of taxation, either as its aggregate income at the rate of 6% or income minus expenses at the rate of 15%.
+RELIEFS +RETAINED DUTIES
  • Corporate profit tax (personal income tax)
  • VAT (except for import VAT)
  • Sales tax
  • Unified social tax
  • Enterprise property tax (personal property tax)
  • Pension insurance charge
  • Charge for social insurance against work-related injuries and occupational diseases
  • Other federal, regional and local taxes (advertising tax, transport tax, land tax and others)
  • Obligation to conduct financial accounting (for organisations) and accounting of tax operations
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How is social insurance provided?
Employers applying this system may decide to pay voluntary charges to the Social Insurance fund (3% of the tax base). As long as voluntary charges are paid for six months, such employers get the right to pay sick leave allowances to their employees out of means of the Insurance fund. Otherwise, only a part of allowances (a minimum monthly pay) is paid by the Insurance fund, while the remaining due shall be paid by employers out of their means.