New regulations on simplified taxation system (Russia)

Requirements to taxpayers intending to choose simplified tax system and applying this system were changed by
Federal Law dated July, 19th # 204-FZ ‘Of second section of Russian Tax Code alteration’.
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Maximum taxpayer’s income was increased from 15 till 45 million rubles to let choose simplified tax system.
Taxpayers whose income did not exceed 60 million rubles (formerly 20 million rubles) will be able to continue applying the simplified tax system.
New income limits will be applied till 2013 including. In regard to 2013 then during this year indexed income limits of 2009 will be applied.
Also number-deflator application will be cancelled till 2012.
In the law authors’ opinion these regulations can help to expand the spectrum of small business entities which are interested or tend to apply the simplified tax system; as well as to reduce tax burden on this category of business entities.
Federal Law is effective from January, 1st 2010 but not earlier than after one month from the day of its official publication apart from various regulations requiring for another procedure of becoming effective.