How To Compile A VAT Report

Table of contents:

How To Compile A VAT Report
How To Compile A VAT Report
Anonim

Value added tax is considered one of the most difficult taxes and is not expected to be canceled in the near future. More details about this type of tax can be found in Chapter 21 of the Tax Code of the Russian Federation. As a rule, most of the business transactions in the company are subject to VAT.

How to compile a VAT report
How to compile a VAT report

It is necessary

  • - book of sales and purchases;
  • - logs of accounting of invoices;
  • - VAT declaration approved by the Ministry of Finance.

Instructions

Step 1

Value added tax is paid by organizations, private entrepreneurs and persons who are recognized as payers of VAT when goods are transported through customs. However, some organizations and entrepreneurs may be exempted from paying VAT if the conditions of Art. 145 of the Tax Code of the Russian Federation.

Step 2

VAT is calculated when selling goods, performing construction and installation works, importing goods into the territory of Russia, etc. For more details on operations that are not subject to VAT, see Art. 149 of the Tax Code of the Russian Federation, and on imported goods - in Art. 150 of the Tax Code of the Russian Federation.

Step 3

The moment of determining the tax base for VAT is the day of shipment of goods or provision of services and works, as well as the day of receipt of payment on account of future shipments. VAT rates are written out in article 164 of the Tax Code of the Russian Federation, but the basic VAT rate is usually 18%, in some cases it may be limited to 10% or even zero.

Step 4

VAT reporting is submitted every quarter. To do this, the accountant fills in the Value Added Tax Declaration. Moreover, this declaration must be submitted no later than the 20th following the reporting tax period. That is, in fact, April 20, June 20, October 20 and January 20.

Step 5

The VAT declaration is filled in according to a special form developed by the Ministry of Finance of the Russian Federation. To calculate VAT, an organization or an entrepreneur needs to have a sales book and a purchase book (the form of these books is approved by the Ministry of Finance) and accounting journals of received and issued invoices (their form is arbitrary).

Step 6

Administrative liability is provided for late submission of VAT returns. So, if the declaration is submitted with a delay of less than 180 days from the required deadline, a fine of 5% of the required tax amount is imposed on the organization, if more than 180 days - 30% of the total tax amount and 10% for each overdue month, starting from 181 th day.

Recommended: