Charging property tax: postings in accounting

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The formation of budgets at various levels is due to the collection by the state of a part of the income of organizations and its redistribution. The tax payments of a particular business entity depend on many factors: the direction of work, the chosen mode, the availability of a calculation base, etc. For example, the accrual of property tax, the entries made in accounting in connection with this process, must be carefully controlled. In the event of an error in calculations or correspondence, the sanctions of the fiscal authorities may be tangible for businesses.

Taxes

All mandatory payments transferred by individuals and legal entities to the state treasury are clearly regulated by the relevant regulations. The Tax Code of the Russian Federation prescribes the mandatory elements of each type of contribution: rate, base, subject. Macroeconomic indicators of the state are formed on the basis of the total income received from business entities operating in its territory. The largest budget revenues come fromlevying four main taxes:

- for profit (legal entities);

- income (residents);

- VAT (consumers);

- property (citizens of the Russian Federation and organizations operating on its territory).

Obligations to make the relevant payments for legal entities come from the moment they are registered as a business entity. Value added tax is included in the price of goods or services to be sold on the territory of the Russian Federation. Payments for income received are transferred by all working citizens and organizations that receive it. Corporate property tax (calculation and payment) is levied on all enterprises and individuals owning these objects. For organizations engaged in economic activities, the basis for paying mandatory contributions is accounting data.

Charging property tax

Postings reflecting the calculation and transfer of the mandatory payment are all organizations that have objects of fixed assets for production and non-production purposes. The main requirement for the emergence of an obligation is the registration and implementation of financial and economic activities of the enterprise in the territory of the Russian Federation. At the same time, it must have objects of fixed assets on its balance sheet. The Tax Code defines a number of enterprises exempt from paying property obligations, these include:

- religious associations;

- organizations of the disabled;

- correctional facilities;

- federal roads, railways, pipelines, power lines;

- pharmaceutical laboratories and production;

- football associations;

- IP applying simplified tax regimes;

- the organizers of the Paralympic and Olympic Games.

Taxpayers are not recognized as organizations exempt at the regional level. As a rule, this benefit is received by enterprises of the housing and communal sector, agricultural, municipal, and he alth care institutions. Article No. 374 of the Tax Code of the Russian Federation contains a complete list of payers of property tax.

Base

Property contributed to joint activities, movable, leased, transferred to temporary trust, immovable property is subject to the calculation of such a type of mandatory payment as property tax. The accrual base is reflected in the accounting of the enterprise on account No. 01. Foreign organizations operating in the territory of the Russian Federation maintain accounting records in accordance with Russian regulatory documents. They are also tax residents and are required to assess property tax. Foreign companies make entries in accounting registers, form the taxable base, calculate the amount of tax in the manner prescribed by the articles of the Tax Code of the Russian Federation, if there are no additional regulatory documents adopted by regional fiscal authorities. The object of calculation of payment is notmay be:

- monuments of historical and cultural heritage (world, federal, regional level);

- land plots (subject to a different type of tax);

- property of the Ministry of Defense, police, correctional system;

- natural, water resources;

- space objects;

- nuclear facilities, areas allocated for the storage of radioactive waste;

- ships and icebreakers.

Define base

Each entity carrying out activities of any kind on the territory of the Russian Federation independently determines the value of the property on the balance sheet. Accordingly, it forms the basis and procedure for calculating property tax. The calculation made on the basis of the average residual value of fixed assets is recognized as correct.

This value includes all analytical positions of account 01. The presence of separate subdivisions or branches in other regions is a factor in changing the rate or redistributing the amount between the budgets of various constituent entities of the Russian Federation. The taxable base can be formed by a generalized indicator in the parent company.

Calculation of base

The average annual value of the company's property is calculated on the basis of balance sheet data. It is equal to the difference between the amounts accounted for on account 01 and 02. The accrual of property tax in 1C and other accounting databases significantly saves the accountant's time, since the formation of the residual value occurs automatically upon closingreporting period. In this case, the accrued depreciation is subtracted from the original price at which the fixed assets object was accounted for and put into operation. The residual value of all assets is summed up. The resulting value is divided by the number of months, increased by one: 4 - for a quarterly calculation, 13 - for an annual one.

Bid

The accrual of property tax is reflected in the financial result of the enterprise, but its size directly depends on the number of pieces of equipment and its cost. The upper limit of the rate of this type of mandatory payment is prescribed in the Tax Code, it is 2.2% of the calculated base. Differentiation is allowed only within the established range and is determined by regulatory acts of a regional nature, the category of the payer and the purpose of property objects. The tax rate depends only on the place of registration of an economic entity. The transferred funds go to the treasury of the respective region. In most cases, local authorities apply the maximum allowable value of 2.2%.

Payment due dates

Accounting for accrual of property tax is maintained throughout the reporting period (year). The tax code regulates the payment of advance payments once a quarter. The calculation of the annual value of the tax is made taking into account transfers for the specified period. The deadline for filing the declaration and payment is March 30 of the year following the reporting one. When making advance payments,meet within 30 days from the end of the next quarter. At the same time, a declaration is transmitted via electronic communication channels, if the IFTS receives the calculation on paper, then it is sent 10 days before the deadline. Article 383 of the Tax Code regulates the procedure for submitting information and the date. Taxpayers can use the information reflected in the main document if there are no regional regulations prescribing other data.

Accrual

The total value of corporate property tax is calculated as the product of the rate (2.2%) and the taxable base (preliminarily calculated). The final value is determined for the reporting year, taking into account the advance payments made. The calculation period depends on the time of the company's tax registration. If divisions and subsidiaries keep accounting records on their own, then on the basis of their balance sheet data they pay tax at the place of registration. In this case, the parent organization is accountable only for its own property. To calculate advance payments, the product of the rate and the taxable base is divided by four every quarter. Based on the results of the reporting period, the average annual value of property is adjusted for the value of retired (liquidated, sold) fixed assets. Upon termination of activity, the enterprise reports and makes appropriate payments based on the results of the period of operation, i.e., the offset of the paid advances occurs at the time the organization is deregistered.

Accounting

Settlements with the budget and off-budget funds are made by each business entity. For accounting purposes, account 68 has been created, which, in correspondence with the registers of costs and cash, reflects the processes of accrual and payment of the organization's obligations to the state. It reflects all types of tax payments arising in accordance with the field of activity and the accounting system at the enterprise.

Accounting entries for the accrual of property tax are as follows:

1. Dt 91/2 Ct 68/sub-account - property tax is accrued and included in other expenses;
2. Dt 44, 26 Kt 68/sub-account - the accrued tax is charged to the general business expenses of the enterprise or to trading costs.

Both options do not contradict the legislation of the Russian Federation and are used most often. When choosing and using the method of cost allocation, it is necessary to prescribe the appropriate method in the accounting policy. Understatement of the taxable base, incorrect allocation of amounts to accounting registers are violations that may result in sanctions from fiscal authorities ranging from fines to administrative liability. The calculation of tax by enterprises under special taxation regimes depends on the chosen accounting system. Organizations working on UTII do not pay property tax. A simplified system (15% income - expense) implies the payment of an obligation with its further inclusion in expenses. With the simplified tax system (6%), the tax is paid if there isownership of the property organization, but it is charged to its own expenses.

Payment

Calculation of property tax, postings and calculations made by an accountant are controlled by the tax inspectorate in order to obtain reliable information on payments credited to the budget. The credit of account 68 with the appropriate analytical accounting is intended to summarize the data in the calculation. To close the register, the result obtained during the calculation of turnovers must be paid by the company to the appropriate account. In this case, the following correspondence is drawn up: Dt 68 / sub-account Kt 51, 55, 52 - the accrued tax on the property of the enterprise is transferred from the settlement, special or currency account. When transferring, it is necessary to check the correctness of the recipient's details and the payment code.