"Insurance House VSK" introduced the platform VK Tax Monitoring

2021: Implementation of VK Tax Monitoring

From January 1, 2022, the Insurance House of the FRC will switch to an updated form of tax control - tax monitoring. This will allow us to get away from traditional checks to online control, which will be carried out using remote access to the company's information systems. This was announced by VK on November 15, 2021.

To interact with the Federal Tax Service of Russia, the FRS has introduced a digital solution for tax data management, the VK Tax Monitoring platform. With the help of the taxpayer's accounting system, the inspector will be able to remotely monitor the correctness of tax calculation.

Due to real-time control, the tax authority will not need to require documents from the taxpayer in the traditional way. The speed of closing the tax period will increase, which will avoid additional taxes, penalties and fines. A plus for the FRC will be the opportunity to get a motivated opinion of the Federal Tax Service on the taxation of any planned and completed transaction, correct its mistakes and prevent tax risks and controversial situations.

The preparation of the FRC for entry into tax monitoring began in March 2021. The company needed to have time to work out all scenarios for interaction with the tax platform in advance. The joint work of the FRS and VK teams allowed us to begin testing the system in November 2021. A full-fledged launch will take place in 2022.

{{quote 'When transferring interaction with the Federal Tax Service of Russia to the tax monitoring mode, the FRS will build a maximum open and constructive dialogue with the regulator. Such a regime opens a direct path to the formation of mutual trust between the taxpayer and the regulator, as well as contributes to reducing the time and labor costs for the formation and verification of tax reporting. This is an advanced interaction format that allows you to minimize the risks associated with tax control. The transition to tax monitoring for the FRC is a conscious and responsible decision of the taxpayer conducting a transparent business, "said Anatoly Glazyrin, chief accountant of the FRC Insurance House. }}

Digital services allow you to optimize not only the main production processes, but also the relationship between business and the state. The VK Tax Monitoring platform is based on VK's many years of experience in developing user interfaces and provides integration with various information systems, making the interaction of legal entities with the Federal Tax Service of Russia easier and more transparent, "commented Andrei Chernenko, director of B2G platform services VK digital technologies.