The single tax payment

The single tax payment

The single tax payment is an innovation in the Tax Code. Here is what it’s about: taxes of individuals can be paid in advance, without waiting for the deadlines established by law.

How does it work?

A person transfers money to a special account at the Federal Treasury. When the deadline for payment of tax, established by law, comes, the amount is deducted from this account without additional permissions from the person. That is, now you may let go of your worries about deadlines and bank details of payment of transport, land tax or property tax - the tax office will distribute the amounts on its own.

For individuals, the Federal Tax Service introduced the single tax payment in 2019. This tax instrument saves time and allows to avoid situations when the taxpayer accidentally forgot about the due date, and the interest is being accrued.

In this regard, it is more difficult for business: companies do not yet have an analogue of a single payment and must monitor not only the timing of payment, but also correctly fill out payment orders. An error in the details, such as KBK or OKTMO, leads to non-existent debts, searches for payments and blocking of accounts.

However, legal entities will face changes soon, too, because on November 17, the State Duma adopted a draft law in the third reading: companies and sole entrepreneurs will have the right from July 1 to December 31, 2022, on a voluntary basis, to pay taxes, advance payments, fees (with the exception of state duties , in respect of the payment of which the court did not issue a writ of execution), insurance premiums, penalties, fines and interest in a single tax payment.

This opportunity can be used if you have successfully completed tax reconciliation calculations with the tax service. Although, you still have to notify the tax office of the calculated amounts of taxes and other payments no later than five days before the due date for their payment.

The single tax payment will create more comfortable conditions for payers: it will reduce the costs associated with the transfer of taxes, will contribute to the formation of a single balance of settlements, will allow to avoid the accrual of excessive penalties, collection procedures, and, most importantly, will ensure a transparent state of settlements between the payer and the budget.


Accountant of TEAM Consulting Group 

Alexey Grebeshkov