Tax Funnels Seventy Three

  4 - DISTORTED THE INCOME TAX BASE AND DID NOT CORRECT THE ERROR If an error is found in the calculation of the tax base relating to the previous tax (reporting) period, in the current tax (reporting) period, the  Small Business Accountants in Walsall  tax base and the tax amount is recalculated for the period in which the specified error was made. If it is impossible to determine the period of the error, the recalculation of the tax base and the amount of tax is performed for the tax (reporting) period in which the error was detected. The taxpayer has the right to recalculate the tax base and the amount of tax for the tax (reporting) period, in which an error related to the previous tax (reporting) period was detected, also in cases where the mistake led to the excessive payment of tax (clause 1 of article 54 Tax Code of the UK  Federation, Letter of the Ministry of Finance of UK dated 08/10/2017 No. 07-01-09 / 51246). 5 - VAT DEDUCTION BY THE LESSOR IN CAS...

  TAX RISKS Let's consider what situations the lessor and lessee may face, as well as analyze the tax risks. 1 - THE ORIGINAL COST OF THE OBJECT IS INDICATED INCORRECTLY The initial cost of the leased object is established by the lessor in accordance with the requirements of paragraph 1 of Art. 257 of the Tax Code of the Russian Federation. This means that the lessor  has theright to include in the initial cost  of the leased asset the number of expenses for its acquisition, delivery, manufacture, and bring to a condition suitable for use. An exception is taxes reimbursed from the budget or recognized as expenses in accordance with the Tax Code of the Russian Federation (Letter of the Ministry of Finance of Russia dated 20.04.2016 No. 03-03-06 / 1/22656). The procedure for the formation of the initial cost of the leased asset, if it is recorded on the balance sheet of the lessee, is not defined. Depreciation is calculated on the basis of the in...

  LEASING AS AWAY TO OPTIMIZE TAXATION WHEN BUYING FIXED ASSETS 1.    lease payments are recognized as expenses for income tax (subparagraph 10, clause 1 of article 264 of the Tax Code of the Accountants in Walsall Federation); 2.    depreciation is calculated using a special coefficient (subparagraph 1 of clause 2 of article 259.3 of the Tax Code of the Accountants in Walsall  Federation); 3.    accrual of depreciation in an accelerated mode in accounting allows you to save on property tax (clause 19 PBU 6/01 "Accounting for fixed assets"); 4.    The lessee does not pay transport tax, provided that the vehicle is registered to the lessor (according to Article 357 of the Tax Code of the Accountants in Walsall   Federation, the person for whom the vehicle is registered and recognized as an object of taxation is recognized as a payer of transport tax). The Federal Tax Service of Russia pointed out the specifics of paying tra...

  INCOME TAX Lease payments for property transferred under a lease the agreement can be taken into account when calculating income tax as other costs associated with production and (or) sales (subparagraph 10, clause 1 of article 264 of the Tax Code of the Russian Federation, Letter of the Ministry of Finance of Russia dated 24.12.2018 No. 03-03-06 / 1/94088). For documentary evidence of expenses in the form of lease payments,  it is necessary to have documents  drawn up in accordance with the requirements of the legislation of the Russian Federation. Moreover, the costs must be reasonable, that is, economically justified (clause 1 of article 252 of the Tax Code of the Russian Federation). If the leased asset is accounted for on the balance sheet of the lessee, then lease payments are recognized as its expenses less the amount of depreciation on the property received on the lease. When calculating depreciation, one should be guided by Art. 259-259....