Gazprom’s tax policy framework for 2019–2021 approved
The Gazprom Management Committee approved the Company’s tax policy framework for 2019–2021.
It was noted at the meeting that, in the context of the increased role of digital technologies in the global economy, one of Gazprom’s key priorities with regard to taxation in the next three-year period would be to adopt cutting-edge IT solutions.
Specifically, it is planned to organize a gradual transition to tax monitoring at the companies of the Gazprom Group, as well as to use modern digital services and to create an integrated tax information environment for the Group.
These efforts are expected to further accelerate managerial decision-making and to improve engagement not only with supervisory bodies, but also within the Group itself.
Tax monitoring is a form of tax control that allows a tax authority to monitor, in real time, the accuracy of tax calculations and the completeness and timeliness of payments (transfers) with regard to taxes, duties and insurance fees payable by taxpayers in compliance with the Tax Code of the Russian Federation.
Tax monitoring is a method of enhanced outreach whereby an organization gives a tax authority real-time access to accounting and tax data, gaining in return the right to, in case of doubt, request that the tax authority present a reasoned opinion on the tax consequences of the transactions being undertaken.
The introduction of a tax monitoring regime helps accelerate the resolution of tax legislation-related disputes, allows the taxpayer to avoid further accruals of taxes, penalties and fines, and alleviates the burden of tax control.
On January 1, 2019, Gazprom Export will become the first of Gazprom’s subsidiaries to join the tax monitoring regime.