SIBUR to join tax monitoring as of 2025

MOSCOW. Oct 21 (Interfax) - SIBUR will join tax monitoring from January 1, 2025, with JSC Voronezh Synthetic Rubber becoming the first participant from the group, Russia's Federal Tax Service said.

The FTS said that the step would reduce tax risks, minimize the volume of requested documents, and improve the level of tax planning.

"The priority area now is to transition tax monitoring participants to expanded information interaction with the tax authority. A pilot project is also being implemented this year to develop production and logistics chains in the chemical sector. This allows the tax authority to understand the general structure of the organization and the principles of the production process, and the company to analyze key indicators for reaching business decisions and conduct strategic planning. Work is also underway to create a methodology to use artificial intelligence in tax monitoring in order to automate controls. Therefore, it is important for companies to pay attention to digitalizing processes," Marina Krasheninnikova, head of the FTS' tax monitoring department, said in the statement.

Voronezhsintezkauchuk, which is part of SIBUR, is one of the largest domestic manufacturers of high-quality synthetic rubbers and SBS polymers/thermoplastic elastomers. The enterprise occupies around 20% of domestic rubber market in Russia and produces more than 30 types of products, some of which have no domestic equivalents, regarding the production volume. Voronezhsintezkauchuk produces more than 385,000 tonnes of products per year.