Home  Journals  International Accounting  23(317) - 2014 June

Accounting and tax issues of VAT from advance payment of buyers

Available online: 21 June 2014

Subject Heading: Taxation

JEL Classification: 

Pages: 50-58

The paper deals with the issues of accounting of the previous payment from a buyer and the value added tax from payment in advance. The author proposes the use of the balance sheet to reflect the amounts subject to deductions in the tax returns of the value added tax upon the transfer of goods to buyer. For this purpose it is appropriate to amend the title of this account.

Keywords: advance payment, VAT deduction, accounts, sales ledger, purchase ledger

References:

1. Kulikova L.I. Uchetnaia politika organizatsii: novoe reshenie [Accounting policy of an organization: new decision]. Moscow, Bukhgalterskii uchet Publ., 2010.
2. The Tax Code of the Russian Federation (Part 1) of July 31, 1998 № 146-FZ.
3. The Tax Code of the Russian Federation (Part 2) of August 05, 2000 № 117-FZ.
4. Plan schetov bukhgalterskogo ucheta finansovo-khozyaistvennoi deyatel'nosti organizatsii i Instruktsiya po ego primeneniyu [Chart of accounts of financial and economic activities of the organizations and the instruction on its application]. Moscow, Dashkov i K Publ., 2007.
5. Sapozhnikova N.G. Bukhgalterskii uchet: uchebnik [Accounting: a textbook]. Moscow, KnoRus Publ., 2009.

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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