To trade on marketplaces, in addition to the sales scheme and work with the platform, a business needs to select a code from the unified classifier of types of economic activity. We will tell you why OKVED Rates of insurance premiums is needed, who needs to indicate it and how to do it correctly. And also about what will happen if you do not indicate the code.
Definition of OKVED Rates of insurance premiums
The abbreviation stands for “All-Russian Classifier of Types of botswana business email list Economic Activity”. It lists all possible types of activity that can be carried
out in the Russian Federation.
The OKVED code is a designation of 2-6 digits. The largest one consists of two digits and is called “Class”: it includes subclasses, groups,
subgroups and types. Each “step” specifies the activity, narrows it: for example, if class 47 denotes any wholesale trade, except for cars
and motorcycles, then subgroup 47.91.2 displays specifically online trade.
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What are OKVEDs for? Rates of insurance premiums
OKVED is necessary so that the tax service can determine what an individual entrepreneur or LLC does under a specific code. It also
helps Rosstat collect statistics, and contractors and banks understand what type of activity the business is engaged in and whether it
corresponds to what was declared.
In addition, the correct code selection affects:
- Tax rate for the simplified tax system, patent tax system, and unified economic tax system . Some regions may set a
- reduced rate for the simplified tax system for certain types Rates of insurance premiums of businesses, such as catering or trade.
- Also, with some OKVEDs, it is impossible to switch to the simplified tax system or another special tax regime.
- Rates of insurance premiums for injuries that are transferred for employees . OKVED affects the class of professional risk to which employees are exposed, and that affects the europe email tax rate from 0.2% (class 1) to 8.5% (risk class 32).
- Receiving government support . Certain categories of businesses may receive government support if the industry has
- suffered to some extent recently — tax deferrals, wage subsidies, and others. For example, during the Covid self-isolation, the
- hotel and transport businesses received it.
- Requirement for additional certificates . Some OKVED codes Rates of insurance premiums cannot be obtained without a
- license or a certificate of no criminal record (for example, codes describing work with children or social activities).
