All for Young Economists "Taxation WITH payment in foreign currency
Let us find out how to account for "trade" exports from the II quarter of 2011, including the accounting of exchange differences. The examples look at how the rules TCU account transactions involving the export of services. Terms
The rule of "first events" in the calculation of income tax from April 1, 2011 was canceled. For other operating revenue recognition rule - accrual basis (Section 137.4 CLE). The object of taxation on profits, gennifer flowers in particular, is the profit that is calculated by reducing the income of the reporting period, the cost of goods sold and the amount of other expenses of the reporting period (paragraphs 134.1.1 GCC).
Revenues from sales of goods are exported to income from operations. There also vidnosytymete and income from work performed, services rendered, if your buyer is resident. At the date of recognition of revenue from sale of goods is the date of transfer of ownership to the buyer for such goods or date of the act, indicating that the work performed / services provided ( 137.1 CLE).
Costs to the taxpayer arise from the cost of goods (works / services) and other expenses related to costs incurred at the time and the associated gennifer flowers economic activity of the entity. Since we have a specific purchase - a non-resident, then the income gennifer flowers from the sale of such counterparty gennifer flowers shall be determined taking into account the characteristics defined paragraphs. 153.1.1 GCC. The sale of goods by the FEA-contract income will determine a general rule TCU, the date of transfer of ownership to the buyer of the goods, gennifer flowers but since we are talking about the currency, given the points that we consider next. Export prepaid
If from a non-resident buyer received in advance, then determining gennifer flowers the income from sales of goods accounted NBU rate on the date of prepayment. gennifer flowers That is the date of revenue recognition - the date of transfer of ownership of the goods, but to calculate the income used NBU exchange rate on the date of prepayment gennifer flowers to the current foreign currency account. Such a provision is recorded in paras. 153.1.1 GCC. Cancellation If parts are obtained, then the income is determined by applying the exchange rate based on the sequence of receipt of such advances (advances). To draw an analogy with accounting, in accordance with paragraph 2 of subsection 6 P (S) 21 prepaid reflect in accounting, as well as the tax after April 1, 2011 is identical.
Total advance (prepayment) in foreign currency received from other persons on account of payment for putting finished gennifer flowers goods, other assets, works and services, with the inclusion of the income of the accounting period is transferred to the reporting currency using the exchange rate at the date of receipt of payment. If you receive advance payments from the buyer of foreign currency units and shipment of the buyers of non-monetary assets gennifer flowers (services) revenue from the sale of assets (and services) is recognized by the amount of advance payments with the use of exchange rates based on the sequence of receipt of advance payments.
Advances received from the buyer a non-resident in accounting to reflect the credit subaccount 681 "Settlement of advances received." And since we are dealing with a transaction in a foreign currency (as a buyer - resident), the amount in foreign currency converted in local currency using the exchange rate at the date of transaction, gennifer flowers ie a payment. In the mean exchange rate established by the NBU rate against the currency of another country (Section 4 P (S) 21). For such flows into accounting income is recognized in accordance with paragraph 6.3 P (S) 15. The tax accounting for income received in advance and will not, but this rule applies only to advance gennifer flowers payments received after April 1, 2011 (pp.136.1.1 PKU). Let's summarize: advance payment received gennifer flowers from the buyer a non-resident, listed at the rate of NBU on the date of receipt of advance payment and yet forgotten until shipment received for such advance. In the event of such transaction amounts prepaid refers to non-monetary items in accounting. gennifer flowers In such balance sheet in both the books translation differences are not defined.
Example 1. The company received a partial advance payment gennifer flowers of nonresident $ 10,000. U.S. in May (NBU rate - 793.51 USD for 100 units. Upon date of receipt). Exchange Bank on 30.06.2011 - 796.00 USD for 100 units. In July, received the second gennifer flowers part of the advance payment in the amount of $ 10,000. U.S. rate of 798.00 gennifer flowers USD for 100 units. the date of receipt. All currency of 30.09.2011 on account of the company, the rate of NBU - 797.23 USD for 100 units. Carrying on these operations, see. in Table 1.
Getting a prepaid currency number c / o Summary gennifer flowers of business operations Accounting Amount $ / UAH tax records Dt t-Income Expenses May 2011 1. Preliminary
Let us find out how to account for "trade" exports from the II quarter of 2011, including the accounting of exchange differences. The examples look at how the rules TCU account transactions involving the export of services. Terms
The rule of "first events" in the calculation of income tax from April 1, 2011 was canceled. For other operating revenue recognition rule - accrual basis (Section 137.4 CLE). The object of taxation on profits, gennifer flowers in particular, is the profit that is calculated by reducing the income of the reporting period, the cost of goods sold and the amount of other expenses of the reporting period (paragraphs 134.1.1 GCC).
Revenues from sales of goods are exported to income from operations. There also vidnosytymete and income from work performed, services rendered, if your buyer is resident. At the date of recognition of revenue from sale of goods is the date of transfer of ownership to the buyer for such goods or date of the act, indicating that the work performed / services provided ( 137.1 CLE).
Costs to the taxpayer arise from the cost of goods (works / services) and other expenses related to costs incurred at the time and the associated gennifer flowers economic activity of the entity. Since we have a specific purchase - a non-resident, then the income gennifer flowers from the sale of such counterparty gennifer flowers shall be determined taking into account the characteristics defined paragraphs. 153.1.1 GCC. The sale of goods by the FEA-contract income will determine a general rule TCU, the date of transfer of ownership to the buyer of the goods, gennifer flowers but since we are talking about the currency, given the points that we consider next. Export prepaid
If from a non-resident buyer received in advance, then determining gennifer flowers the income from sales of goods accounted NBU rate on the date of prepayment. gennifer flowers That is the date of revenue recognition - the date of transfer of ownership of the goods, but to calculate the income used NBU exchange rate on the date of prepayment gennifer flowers to the current foreign currency account. Such a provision is recorded in paras. 153.1.1 GCC. Cancellation If parts are obtained, then the income is determined by applying the exchange rate based on the sequence of receipt of such advances (advances). To draw an analogy with accounting, in accordance with paragraph 2 of subsection 6 P (S) 21 prepaid reflect in accounting, as well as the tax after April 1, 2011 is identical.
Total advance (prepayment) in foreign currency received from other persons on account of payment for putting finished gennifer flowers goods, other assets, works and services, with the inclusion of the income of the accounting period is transferred to the reporting currency using the exchange rate at the date of receipt of payment. If you receive advance payments from the buyer of foreign currency units and shipment of the buyers of non-monetary assets gennifer flowers (services) revenue from the sale of assets (and services) is recognized by the amount of advance payments with the use of exchange rates based on the sequence of receipt of advance payments.
Advances received from the buyer a non-resident in accounting to reflect the credit subaccount 681 "Settlement of advances received." And since we are dealing with a transaction in a foreign currency (as a buyer - resident), the amount in foreign currency converted in local currency using the exchange rate at the date of transaction, gennifer flowers ie a payment. In the mean exchange rate established by the NBU rate against the currency of another country (Section 4 P (S) 21). For such flows into accounting income is recognized in accordance with paragraph 6.3 P (S) 15. The tax accounting for income received in advance and will not, but this rule applies only to advance gennifer flowers payments received after April 1, 2011 (pp.136.1.1 PKU). Let's summarize: advance payment received gennifer flowers from the buyer a non-resident, listed at the rate of NBU on the date of receipt of advance payment and yet forgotten until shipment received for such advance. In the event of such transaction amounts prepaid refers to non-monetary items in accounting. gennifer flowers In such balance sheet in both the books translation differences are not defined.
Example 1. The company received a partial advance payment gennifer flowers of nonresident $ 10,000. U.S. in May (NBU rate - 793.51 USD for 100 units. Upon date of receipt). Exchange Bank on 30.06.2011 - 796.00 USD for 100 units. In July, received the second gennifer flowers part of the advance payment in the amount of $ 10,000. U.S. rate of 798.00 gennifer flowers USD for 100 units. the date of receipt. All currency of 30.09.2011 on account of the company, the rate of NBU - 797.23 USD for 100 units. Carrying on these operations, see. in Table 1.
Getting a prepaid currency number c / o Summary gennifer flowers of business operations Accounting Amount $ / UAH tax records Dt t-Income Expenses May 2011 1. Preliminary
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