Tax Ministry Finishes Work On New Tax Return Form For Profit Tax

The Tax Ministry has completed the work on the new tax return form for the profit tax. The new form has been prepared due to the introduction of Chapter 25 of the Tax Code, providing for a reduction in the profit tax rate from 35% to 24%, beginning January 2002, as well as to the adoption of a number of other principal changes, including a system of tax records. Karen Oganyan, head of the Profit Taxation Department of Russia's Tax Ministry, announced this information at a news briefing today. According to him, the Tax Ministry will issue an instruction on filling in the new tax return form within the next several days. Oganyan emphasized that the Tax Ministry in cooperation with a Russian company is currently working out software to introduce automated recording of the profit tax. After the State Duma adopts the law on digital electronic signature, it will be possible to fill in tax return forms and send them to tax agencies via the Internet.