The Government Commission approved the return of tax breaks for jewelers working with silver
[ad_1]
The Government Commission on Legislative Activities approved a revised draft law on the return of a simplified tax system (STS) for jewelers working with silver from January 1, 2024. The press service of the Ministry of Finance reported this to RIA Novosti.
The ministry explained that organizations and individual entrepreneurs who want to switch to the simplified tax system must notify the tax authority before March 31, 2024. The right to apply a patent and an automated simplified tax system is expected to be granted from January 1, 2025.
Since companies that switch to the simplified tax system are exempt from paying VAT, the bill provides for a procedure for restoring the amounts of VAT previously accepted for deduction. “This will avoid difficulties for taxpayers in calculating VAT for the period from January 1, 2024 until the moment of filing a notification about the transition to the simplified tax system,” the department clarified.
From January 1, 2023, jewelry industry enterprises lost the ability to apply special tax regimes in the jewelry industry both when purchasing metal and when selling jewelry. In this regard, jewelers switched to the general taxation system (GTS). According to the executive director of the Guild of Jewelers of Russia, Vladimir Zboikov, the tax burden on small jewelry businesses during the transition to OSN in the first year of operation reached 30%.
The jewelry industry was the only one that was deprived of the right to apply preferential tax regimes for small and medium-sized businesses. The simplified tax system allows you to pay 6% on income or 15% on the difference between income and expenses, without paying VAT and property tax.
[ad_2]
Source link
