Accounting financial accounting. Corporate income tax (most important)

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Accounting financial accounting. Corporate income tax (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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18. TAX ON INCOME OF ORGANIZATIONS

The procedure for calculating income tax is determined by Chapter 25 of the Tax Code of the Russian Federation.

Taxpayers - all Russian organizations, as well as foreign organizations operating in the Russian Federation through permanent representative offices and (or) receiving income from sources in the Russian Federation.

The object corporate income tax is recognized profit, received by the taxpayer, i.e. income reduced by the amount of expenses incurred.

К income include income from the sale of goods (works, services) and property rights (sales income) and non-operating income.

Sales income is recognized as proceeds from the sale of goods (works, services) both of own production and previously acquired, proceeds from the sale of property rights. Other income is called non-operating.

The list of income not taken into account when determining the tax base for income tax is given in Art. 251 “Income not taken into account when determining the tax base” of the Tax Code of the Russian Federation.

Costsrelated to production and (or) sales are divided into four groups:

▪ material costs;

▪ labor costs;

▪ the amount of accrued depreciation;

▪ other expenses.

List expenses not included for the purpose of taxation with income tax, is given in Art. 270 of the Tax Code of the Russian Federation, the procedure for recognizing income and expenses is determined by Art. 271-273 of the Tax Code of the Russian Federation.

Income tax is calculated based on the tax base and tax rates, which in accordance with Art. 284 of the Tax Code of the Russian Federation is 24%, and is transferred to the federal budget - 6,5%, to the budgets of the constituent entities of the Russian Federation - 17,5%. The legislative bodies of the constituent entities of the Russian Federation are given the right to lower the income tax rate in terms of income credited to the budget of the constituent entity of the Russian Federation for certain categories of taxpayers. At the same time, the tax rate for the budget of a constituent entity of the Russian Federation should not be lower than 13,5%. For income tax calculations, a tax period of one calendar year is established. The reporting periods are the first quarter, half a year and 9 months.

Organizations, regardless of whether they have an obligation to pay income tax and (or) advance tax payments, the specifics of calculating and paying tax, are obliged, upon the expiration of each reporting and tax period, to submit to the tax authorities at the location of their location and the location of each separate subdivision the relevant tax declaration in the manner prescribed by Art. 289 of the Tax Code of the Russian Federation.

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