Companies operating with or without VAT must carry out separate VAT accounting. It turns out that performing operations on the separation of tax amounts related to deduction or included in expenses that reduce the tax base is not an easy task. However, there are cases in which there is simply no evidence to maintain separate records at the legislative level.
The Tax Code lists cases where enterprises are exempted from VAT and have to carry out separate cost accounting. The most common of them are receiving interest and dividends on deposits, providing loans at interest. In addition, without paying VAT, interest is credited to the current account for the use by banks of clients' funds.
There are also situations when, for example, a company simultaneously trades products that are subject to VAT and goods that are exempt from this tax. In this case, it simply needs to carry out separate VAT accounting.
According to the rules, for preferential goods, input VAT is included in their value, for other operations, this tax should be deducted. If the accountant did not reflect or did not notice the preferential tax, did not include it in the price of the goods, then this fact can be interpreted as committing a tax offense.
Enterprises, distributing VAT indirect costs, are required to keep a mixed record. To carry out lending, the company must have the appropriate license, and no special permits are required to issue a loan. Loans can also be issued to everyone, and these operations are not subject to VAT. However, it is difficult to find a company that deals only with the issuance of loans.
It turns out that in a similar situation it is necessary to do separate VAT accounting. For this, the accountant must first determine which goods, services, work, property rights will be used precisely without tax. VAT in such assets is taken into account in their value. Keeping records on objects that are acquired for conducting operations both exempted and taxable, input VAT should be distributed: part of its amount is deductible, and part is attributed to costs.
The law does not provide for a specific criterion for determining the assets that are used in non-taxable and taxable activities. The Tax Code establishes only the requirement to keep separate VAT records and gives instructions for its division. The company independently establishes and fixes in its accounting policy the procedure for the implementation of separate cost accounting.
In this case, the development of this policy should be guided by tax legislation.
Record keeping
Income in the form of interest on deposits and dividends is not subject to VAT. However, the reason for this is not the benefits indicated in article 149 of the Tax Code, but the absence of the mentioned operations in article 146 of the same document. It should be noted that many controllers define bank interest as income received in cash from the provision of loans to banks. In this case, you can argue.
It turns out that the client does not give money to a credit institution on the basis of a loan agreement. The client receives interest for the use of funds by the bank in accordance with the bank account agreement , regulated by the Civil Code. In addition, interest on the deposit amount is calculated according to the conditions specified in the bank deposit agreement. Consequently, interest income from bank investments does not fall under the provisions of the Tax Code, so you can not worry about separate accounting.