OKVED code 70.20 is used to determine the activities of a legal entity or entrepreneur. It means the possibility of some transactions with real estate.
What is OKVED?
Where does the activity of a legal entity or individual entrepreneur begin? That's right, from its registration after filing documents with the tax and other services. In this case, the documents to be filled out simultaneously indicate what this person or individual entrepreneur wants to do, that is, the type of his economic activity. In this case, the indication does not occur in words, but in encrypted numerical designations. It is necessary that the tax authorities correctly calculate the types and sizes of taxes that are payable by entrepreneurs.
OKVED 70.20
On the Internet or in other documents, you can easily find the code classifier. Any business activity - trade, services, production - should have its own designation, that is, be registered.
This also applies to various operations carried out with real estate - buying and selling, leasing, renting, rendering mediation and consulting services in real estate.
OKVED 70.20: decryption
Speaking specifically for the specified code, it means letting your own real estate. You should be aware that in 2016 changes were made to the classifier of codes. Currently, OKVED code 70.20 has been moved to position 68.20. New codes have been around since last summer. Their essence has not changed, only positions have changed and new ones have been added.
The choice of the correct OKVED code (70.20) determines the further activities of the registered entrepreneur, his tax system and the need to pay certain taxes. This is why you should carefully and carefully choose the code. They can be selected one or more, as well as change after time.
