The Federal Tax Service (FTS) of Russia, will soon have the right to freeze the accounts of entrepreneurs who fail to submit tax calculations on insurance premiums. The new law comes into force on August 30, as stated by FTS.

"The amendments to the Tax Code extend the existing order for the suspension of operations on accounts of a taxpayer in connection with the failure to submit tax returns within the prescribed period, to a new document, namely the "calculation of insurance premiums", explained the FTS.