Russia simplifies VAT invoices

Wed 10th Sep 2014

Russian VAT registered businesses will no longer have to provider consumers with full VAT invoices from 1 October 2014.

Russian VAT invoices must be provided within 5 days of the provision of the service or goods. Under the Russian tax code, the basic information on the invoice should include:

  • Name and address of supplier and customer
  • A unique, sequential VAT number
  • Payment details, including staggered payment agreements
  • Price and supporting calculations of goods or services
  • VAT rate and excise amounts
  • Calculation of VAT amount, and gross cost with VAT
  • For imports, details of country of origin and a reference to the appropriate tax return

From 1 October 2014, in addition to not having to provide non-registered tax payer with VAT invoices, there will be no requirement for VAT exempt activities.

This change will require the approval of the taxpayer.