The term “tax credit” means a privilege that provides the taxpayer with the opportunity to postpone the set time for payment of the fee to a later date. Using it, the organization gets the opportunity to send additional funds for business development and other useful purposes.
In what form is the privilege granted?
The current legislation of Russia distinguishes installment, deferral and investment tax credit. The first two varieties can be used by enterprises that have certain difficulties with solvency. An investment tax credit is due to some costs that the company may incur in the future or have planned them.
Deferral and installment plan of tax payment can be issued for a relatively short period of time - from a month to six months. Investment tax credit allows you to postpone the term of payments as much as possible - up to 5 years. Changing the tax payment deadline does not relieve the organization of the obligation to ultimately pay tax. Thus, the payment term is simply transferred to a later period.
Who gives permission to defer tax payments?
The current legislation regulates the issue of who is authorized to provide tax credits and has the appropriate competence. These are the following state bodies and persons:
- customs officers;
- Ministry of Finance;
- the main financial authority of a particular subject of the country;
- extrabudgetary funds.
Features of a tax investment loan
An investment loan can be issued in such cases:
- if the company is engaged in the creation or development of innovative products;
- if the organization is at the stage of updating its production;
- if the profile of the enterprise is the provision of strategically important services to the population;
- if the company carries out activities to fulfill the order, which is of great importance for the development of a particular region.
The terms of a tax credit range from 1-5 years. The specific period of time, as well as the direct size of this benefit depends on the individual circumstances that formed the basis for its receipt. However, even a very large amount cannot reduce the amount payable by more than fifty percent.
Collateral in the form of a guarantee or pledge of property
In some situations, a change in the tax payment period is accompanied by the provision of security to the taxpayer in the form of a guarantee or pledge of property. In this case, property of both the organization itself, which uses a tax credit, and any other company, can be used. Property that is pledged may not be the object of other transactions. It should be kept by the rightful owner or the tax authority, but the latter then bears responsibility for its safety.
In accordance with the terms of the contract of guarantee, the obligations of taxpayers who cannot pay tax and penalties are carried out by the surety. It should be noted that these collateral methods are applied only by agreement of both parties.
Refusal to provide this benefit
Circumstances precluding the possibility of providing such a loan:
- criminal case on tax crime started;
- administrative case for tax misconduct started;
- There are reasonable suspicions that due to a change in the payment term, a person will leave the country or hide money.
Accounting for tax credits
Accounting for operations to receive and return this type of benefit depends on the terms of the contract. It should provide for the amount of the loan, the duration of the transaction, the rules for paying off the debt, the method of securing the loan, the responsibility of the parties, and also indicate the name of the tax (fee), the payment of which is due to the provision of the loan. Documents on property, which is the subject of a pledge, a bank guarantee or a surety of a third party are attached to this agreement.
Within the term of the contract, two periods are conditionally allocated:
- the first, during which the company has the right to reduce tax payments to a specific budget or extra-budgetary fund by a specific amount;
- the second, in which the organization repays the debt.
Obligations include the amount of the principal debt and interest on tax credit due to the budget or extra-budgetary fund. If it is provided for the tax, the payment of which is overdue, then the debt also includes the amount of interest that was accrued by the time the relevant decision came into force.
Credit tax deduction - what is it?
Not many people know that they can regain interest in a tax organization subject to certain conditions. After all, everyone according to modern tax legislation must pay 13% of the income received by him every month. In official employment, the employer deals with such issues. It is these percentages that can be returned to the Federal Tax Service.
In some cases, income tax is refunded through a tax deduction mechanism. These cases include obtaining a loan. While in Russia interest rates on loans are quite high, and it is difficult for citizens to refuse loans, it is possible to return the taxes paid.
A loan tax deduction is possible in the following cases:
- acquisition of real estate on a mortgage loan;
- early repayment of a loan, regardless of the purpose of obtaining it;
- obtaining a loan, the purpose of which is to obtain an education;
For example, if real estate is purchased on a mortgage, then 13% of its value will be returned to the citizen, however, the amount of the deduction should not be more than 2 million rubles. This also applies to other cases.
In addition, a tax deduction for paid medical services is possible. You can also get it for voluntary medical insurance if you paid for the policy yourself.
