At the moment, there are almost no organizations that would not use borrowed funds in their activities for industrial modernization, replenishment of working capital or raw materials. Loans are usually issued in various types of banking institutions. However, there is a truly unique type of lending, with which it is possible to solve the problem of lack of funds. Here we are talking about such a thing as investment tax loans. They are run by the state. It should be understood what it is.
general characteristics
In accordance with the Tax Code adopted in the Russian Federation, an investment tax credit is not a loan, but a kind of deferred payment. They do not provide for the actual receipt of funds by the organization, but only registration of the possibility of paying taxes to the state in a noticeably smaller amount. Lending conditions for the most part repeat the conditions under which loans are issued by various credit institutions, namely banks and fund organizations. The agreement is concluded with the state structure.
Like ordinary bank loans, investment tax loans imply that there is a certain period of validity of the loan, while interest will be accrued on it, often they are very small, and its repayment terms are indicated. In addition, the contract defines property liability for non-repayment, and also provides a guarantee that both parties will fulfill their obligations.
Features
Quite often, tax debts are noted not only in large companies, but also among individual enterprises, which also need support in resolving problems with budget payments. However, investment tax loans are something that is available only to legal entities. This feature consists in the principles of property liability of the borrower to the creditor. All pledged property may be seized from an organization even without an appropriate court decision. And to deprive an ordinary citizen of his home is almost impossible in a similar situation. The Civil Code of the Russian Federation clearly prescribes points for the protection of private property, especially if it is necessary for permanent residence.
Loan objectives
An investment tax credit can be provided to an organization, for example, to pay income tax. In case of violation of the terms of its payment by the state, various sanctions, penalties, and fines are often imposed. That is why in order to avoid the need to pay significant amounts of funds to the treasury, it is necessary not to violate the deadlines for paying taxes. Investment tax loans can not be used for such an extensive list of purposes, which the state has taken care of. Together with income tax, lending to regional and local budget payments is made.
Act
Investment tax loans, like other types of lending, have their own specific mechanism of action by which the organization, as mentioned above, can reduce payments for the past period. A contractual relationship between the parties will be completed when the amount of unpaid tax reaches the same level as the loan amount. Such an agreement from the outside looks like permission of the state to have debts. The organization has no right to reduce payments indefinitely. The state has set a limit equal to 50% of the total tax amount paid under ordinary conditions. Investment tax loans provide a time frame that is traditional for all other loans. And here we are talking about most banking products. Investment tax credit is granted for a period of 1-5 years. Usually this time is enough to solve the financial problems of the organization.
Features of work
An investment tax credit can be provided to any organization, while there are times when such a company receives losses in a certain period or must pay a smaller amount of taxes than expected. In this case, there is a so-called surplus of credit resources. It is very easy to get out of this situation - all the saved funds must be transferred to the next period.
Despite the fact that investment tax credit can be granted for a period of 1-5 years, all this time the tax authorities have been very scrupulous in controlling the organization that issued it. It should not only prepare a very solid justification for the need for such a reduction in tax payments, but also provide detailed reports on financial activities throughout the loan. In addition, the organization will be constantly monitored by tax authorities, much more often than usual. This is quite natural, since the state is aimed at the strictest control of budget spending.
The subtleties of the process
An investment tax credit is a good opportunity for a taxpayer to reduce their tax payments within certain time limits within certain limits, so that in the future they will make phased payments not only of the loan itself, but also of interest accrued on it. This type of loan is provided for income tax, as well as for some local and regional.
An investment tax credit may be provided for an organization's income tax. At the same time, the organization that received it has the right to reduce its tax payments during the term of the contract. A reduction will be made for the corresponding tax for each payment. This is done until the funds paid by the company due to such reductions are not equal to the amount of the loan that was provided under the relevant agreement. The document itself provides all the points regarding the specific procedure for reducing tax payments.
Several contracts
If the company has several concluded agreements on the provision of the corresponding loan, the validity of which at the time of the next payment has not expired, the accumulated loan amount will be determined separately for each of them. At the same time, its increase is carried out in order, starting with the contract that was concluded first, after reaching the limits for this document, the organization will have the opportunity to increase the accumulated amount for the next contract.
Despite the fact that investment tax credit can be provided for income tax, its amount cannot exceed half of the total amount of tax. If the amount of loan accumulations exceeded these 50%, then the difference between the amount received and the maximum allowable is transferred to the next reporting period. In the case when the organization had losses on the results of operations for a separate reporting period , then the excess accumulated amount is transferred to the next period, but it is recognized as the accumulated credit amount in the first reporting period.
Who is provided?
In accordance with Article 67 of the Tax Code of the Russian Federation, an investment tax credit can be granted if the company meets certain requirements:
- The organization is engaged in research, development work or technical re-equipment of its production, including those aimed at creating jobs for people with disabilities, as well as protecting the environment from pollution by industrial waste. In such a situation, investment tax credits are granted in an amount that amounts to 30% of the cost of purchased equipment intended for all these purposes.
- For organizations that conduct innovative or innovative activities, including those engaged in the creation of new or improvement of applied technologies, the creation of new types of materials or raw materials. In this case, investment tax credits may be granted in amounts that will be negotiated by the organization and the authorized body.
- For organizations that are involved in the execution of orders for social and economic development of particular importance, as well as providing particularly important services to the civilian population. In this case, the loan amount will also be determined by the agreement of the parties.
Contract clause
A loan agreement or agreement necessarily contains the following items:
- the order in accordance with which tax payments will be reduced;
- amount of credit;
- validity;
- an indication of the tax on which the described loan will be provided;
- the amount of interest that will be accrued on the loan amount;
- repayment procedure;
- responsibility of the parties.
Related Documents
Investment tax loans will not be provided if you do not draw up a pledge on property or a surety agreement. In this regard, it is required to attach to the contract documents on property, which will serve as a pledge. In addition, the agreement must specify the provisions on the prevention of transfer of ownership or sale of equipment or other property during its validity, if its acquisition has become one of the points for the organization of the described loan.
conclusions
In relation to local or regional tax authorities, their own conditions for the provision of an investment tax credit are established. In this case, the legislation allows to establish its own conditions for granting a loan and the grounds for this, as well as change the permissible terms for the loan.