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 is The abbreviation stands for 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
The abbreviation stands for “All-Russian Classifier of Types of Economic Activity”. It lists all possible types of activity that can be carrie
d 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?The abbreviation stands for
OKVED is necessary so that the tax service can determine putting a common factor in parentheses 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 .The abbreviation stands for
- Some regions may set a reduced rate for the simplified europe email tax system for certain types 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 tax rate from 0.2% (class 1) to 8.5% (risk class 32).
