FinExpertiza implements a project on introduction of tax monitoring in Sberbank

9 August 2016


Accounting, Tax and Legal Consulting Department, together with Methodology and Corporate Accounting Department of the international audit and consulting network FinExpertiza have completed the project on introduction of tax monitoring in PJSC Sberbank of Russia. The experts analyzed the existing IT-systems of Sberbank in tax accounting, produced a technological solution for automation of tax monitoring procedures, and prepared a Product Requirements Document for design of an IT-module, as well as business requirements and guidelines for IT-systems of the bank. Having solved all the required tasks, the consultants of FinExpertiza designed information liaison protocol for interaction of Sberbank with the tax service to enable Sberbank to carry out tax monitoring since 2017.

Tax monitoring is a form of tax control to verify accuracy, completeness and timeliness of taxes, levies and insurance contributions payable to the Government in accordance with the Tax Code of the Russian Federation. In accordance with the legislation, the legal right for tax monitoring is owned by big companies (including banks and consolidated groups of taxpayers) with not less than RUB 300 million of the total amount of tax and not less than RUB 3 billion of consolidated income. Total assets of a company have to be of the same amount.

Tax monitoring means expanded information interaction of a taxpayer with a tax service, whereby the company provides tax regulators with access to its tax accounting and bookkeeping data on a real-time basis. In return, the company is given a number of benefits. For example, tax authorities will not conduct a desk review within the period of tax monitoring (except for cases stipulated by par. 1.1 of Article 88 of the Tax Code of the Russian Federation). The entity is also exempt from on-site tax inspections for the specified period (except for cases stipulated by par. 5.1 of Article 89 of the Tax Code of the Russian Federation). Besides, the taxpayers carrying out tax monitoring are liable not to pay fines and penalties accrued within periods of tax monitoring conduction.

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