New OKVED Code Selection Service Launched
A new online service, “My OKVED,” has been launched on the website of the Federal Tax Service of Russia to help entrepreneurs and companies accurately select OKVED (All-Russian Classifier of Economic Activities) codes for registration purposes.
The service offers a convenient search mechanism, including “package solutions” – pre-prepared sets of OKVED codes developed by the Ministry of Economic Development of the Russian Federation in cooperation with relevant federal authorities. This enables businesses to more quickly identify appropriate codes based on the specifics of their activities.
The tool also assists in selecting the primary OKVED code: users simply need to indicate projected indicators for their planned business activities. The result is presented in the form of an infographic and calculated using a hierarchical method.
It is expected that the launch of the service will improve the accuracy of declarative OKVED codes included in the state registers — the Unified State Register of Legal Entities (EGRUL) and the Unified State Register of Individual Entrepreneurs (EGRIP) – at the time of business registration. Reporting-type OKVED codes, including their percentage shares, are entered into the registers based on data received from the Federal State Statistics Service.
