FBK Legal on Effect of National Product Traceability System on Taxpayers

On 29 March, Natalia Gerasimova delivered a webinar on the effect of the national product traceability system, which had been introduced on 1 July 2021, on taxpayers.

The national product traceability system has operated since 1 July 2021. Taxpayers have now a new obligation to file documents with the tax authority. There is also a new VAT invoice format with additional details for traceable products. A transition period lasts for one year, but little time remains until 1 July 2022. After that date, those who violate the law on the national product traceability system will be held liable.

Natalia shared her insights into issues that could help taxpayers get ready for participation in the traceability system:

?        products subject to traceability

?        preparation of VAT invoices with new details

?        changes in VAT returns

?        notification about the stock of products subject to traceability

?        a report on transactions with products subject to traceability

?        explanations of the Federal Tax Services on complicated and unusual situations

?        liability for violations of the law on the national product traceability system

?        EAEU pilot project