Russia's Federal Tax Service (FTS) issued a release on 28 June 2021 regarding the implementation of changes in the tax monitoring system with effect from 1 July 2021. This includes a reduction in the threshold for taxpayers to take part in the tax monitoring system as follows:

• Total annual income and assets in the previous year must be at least RUB 1 billion (down from RUB 3 billion); and
• Tot…