BFC Bulletins Monthly News Digest
Tags Payments Regulation SME
A Russian law on the mandatory transition to new cash register equipment has came into force on July, 2016, with the goal of optimizing state control and better tax regulation. The law, which provides a paper receipt to consumers and also conveys information about cash payments to tax authorities in a matter of seconds, incorporates a gradual transition for businesses. Beginning in February 2017, older systems were no longer allowed to be registered, and, starting July 1, 2018, all businesses will be required to use new cash register machines. It should be noted that a few categories of businesses will be exempted from the new requirement; however, that affects only a small number of businesses overall.
There are fears that the new requirements may crash small Russian businesses as the new equipment is expensive, requires constant online access and is not practical everywhere, especially in villages.
