Financial And Tax Treatment Exempted From VAT
Q: should the value added tax directly be exempted from tax be incorporated into the corporate profits to pay corporate income tax? Do we need accounting treatment?
Answer: according to the regulations of the Ministry of finance of the State Administration of Taxation on the reduction and return of the turnover tax and the collection of income tax on corporate profits (fiscal and tax [1994]74 number), the turnover tax (including the withdrawal of the levy and withdrawal) and the return of the enterprise shall be incorporated into the profits of the enterprise other than those specified by the State Council, the Ministry of Finance and the State Administration of Taxation, and the enterprise income tax shall be collected according to the regulations. For direct reduction and immediate withdrawal, the enterprise income tax should be incorporated into the current year's profits. Therefore, the value-added tax directly exempted from the enterprise should be incorporated into the company's profits to pay corporate income tax. In accordance with the provisions of the circular on accounting treatment for the reduction and return of turnover tax ([1995]6), for the direct deduction of VAT, we should debit the "payable tax payable - value added tax (exemption and Exemption)" subject, credited the subject of "subsidized income", and add a "tax relief" item (the 8 bank) under the item "payable to the detailed list of value-added tax" and "paid taxes", reflecting the value added tax deductions issued by enterprises according to the regulations, and should be based on the records of "payable tax payable VAT" subjects.
- Related reading
- neust fashion | PORTER Joint Six Day Tide Issued A New Limited Series!
- Fabric accessories | Hengli: This Year, PX Imports Have Been Cut By Nearly Half; Yisheng: PX Profits Have Fallen To Below $250 / Ton. Japan And South Korea Are On Pins And Needles.
- Fabric accessories | Vietnamese Yarn Is Riding On The Dust, And The EU And Vietnam Have Abolished 99% Tariffs.
- Fabric accessories | There Is No Place Like Imitation Memory, But T800 Is Queuing Up For Goods. This Year's Textile Market Is Really Like A Sieve, And A Few Of The Sifting Products Are Outstanding.
- Fabric accessories | The Polyester Staple Fiber Is Still Warm, And The Production And Marketing Of The Staple Fiber Is Not Difficult.
- Fabric accessories | Talk About The Situation -- The Most Powerful Voice Of Transformation And Upgrading Of Traditional Textile Province
- Daily headlines | The Environment Is Changeable. Nearly 100 Representatives Of Spinning Machinery And Equipment Enterprises Gathered In Guilin To Identify Directions.
- News Republic | 2019 "Qiu Du Cup" China Fur Clothing Creative Design Competition Preliminary Comment!
- Fashion shoes | Adidas X Pusha T Joint Ozweego Sand Shoes Shoes For The First Time Exposure
- Fabric accessories | How Can Bengbu's Textile Industry Shine Again?
- Female Managers Fear Workplace Barriers
- How To Communicate With People
- Trade And Industry Department Set Up Trademark Trading Platform
- The Art Of Getting Along With Colleagues
- How To Work With Your Boss
- Document Writing Skills
- 店行業(yè)的固定資產(chǎn)管理解決方案
- Project Document Management From Project Handover
- Telephone Reception Etiquette
- Regulations On Handling Labor Disputes In Enterprises