Business units use property, plant and equipment and intangible. Property, plant and equipment are assets that generate future economic benefits and are held for more than one year. The accounts in ...group 21 "Property, plant and equipment" are used to record property, plant and equipment. Expenses related to the acquisition, production, construction of depreciable fixed assets and investments made in them are recovered by including in the operating expenses the value of the depreciation produced. Tax depreciation is deductible when calculating corporate income tax and may be equal to or different from accounting depreciation.
Economic entities may register, for VAT purposes, before or after the start of economic activity. In practice, for taxable persons registered for VAT purposes, situations may arise that lead to the ...cancellation of the VAT code. These taxpayers may be re-registered as value added tax payers if they meet certain conditions. That is why we have presented the fiscal and accounting effects regarding the cancellation of the VAT code, on the date of cancellation, in the period in which the code is canceled as well as from the date of re-registration for VAT purposes. The case studies present the situation of a taxpayer, supplier, in the three periods, but also the effects on the taxpayer-client of the person who has the VAT code canceled and subsequently regained it.
The profit tax, in Romania, is determined by applying the rate of 16% to the taxable profit. It is determined by deducting, from gross profit, non-taxable income and tax deductions, and adding ...non-deductible expenses from a tax point of view. For activities such as night bars, nightclubs, discos or casinos, the profit tax due may not be less than 5% of the income generated. The profit tax is determined and is due annually or quarterly, cumulated from the beginning of the year. Profit invested in technological equipment, electronic computers and peripherals, machines and household appliances, control and billing, in computer programs is exempt from tax. Those assets must be kept in the patrimony for at least half the duration of the economic use, but not more than 5 years. The limitation period for determining the profit tax is 5 years from 1 July of the year following that for which the tax is determined. Profit tax accounting is performed using account 4411 "Profit tax". The correct declaration and full payment of corporate income tax determines fair competition for taxpayers.
Value added tax is an indirect tax, calculated on value added tax incurred by taxable persons registered for VAT purposes and borne by final consumers. At the end of each month, the deductible tax is ...offset by the tax collected. If the deductible tax is higher than the collected tax, the tax to be recovered from the state budget results. The VAT is regularized through the tax return, which is submitted monthly or quarterly. Taxable persons who register a tax to be recovered may request a refund. If the fiscal risk is low, the VAT Refund Decision is issued; for medium fiscal risk, the documentary analysis is performed, and for high fiscal risk, the refund is made after the fiscal inspection. A temporary procedure is in place for the COVID-19 pandemic. Thus, the returns with negative amounts of VAT with the option of reimbursement are settled with subsequent control.
Value added tax is an indirect tax on supplies of goods, services and similar activities, generated by economic activities and paid for by taxable persons, regardless of their legal status, in an ...independent manner, which are three conditions, which must be fulfilled cumulatively. At the end of the period (month, quarter) taxable persons determine the value added tax payable, if the value added tax collected is higher than the deductible value added tax, or the value added tax to be recovered, if the deductible value added tax is higher higher than the value added tax collected. The deductible value added tax can also be influenced by any adjustments that can be positive, ie deductible amounts set in addition, or negative, ie deductible amounts set in minus. The adjustment may relate to capital goods or purchases of services or goods other than capital goods. There are also other possibilities for adjusting the deductible VAT, which will be presented in this paper.
The measures for combat the COVID-19 pandemic have caused financial difficulties for most economic entities due to the restriction of their activity or even the temporary suspension of activities in ...tourism, transport, hospitality and restaurants. The shock wave has affected other areas of activity because all industries are interconnected. As a continuation of the tax measures beneficial to the business environment given the severe lack of liquidity, the Government approved the simplified procedure for granting the payment rescheduling of outstanding debts registered after the onset of the state of emergency. The Executive also decided to extend until December 25 the period in which no interest and penalties are not perceived for unpaid tax obligations, whose maturity has expired after the start of the state of emergency.
The interest related to costs and their calculation is not limited to determining selling prices, it is particularly moving towards mastery and reduce costs without diminishing the attractiveness of ...the product. In the market economy frame is important to know how competitors manage to master their costs, but at the same time, and which is the way how the products sold by entity are added in chain costs to users, which causes its costs and performance by them. Action problem on the cost has a very wide scope. First must to be seen cost is determined at what level, in order to know how to act on it. Also, the computing manner can affect how you act on costs. From the technical point of view the managers can act upon costs relying on laws they follow, laws imposed on their behavior.
Following the conducted research, the authors noticed that both the international accounting standards and the national accounting regulations contain only provisions according to which "the entities ...are obliged to have the capacity to adequately implement the IFRS". The way in which this expression must be understood, falls completely upon the practitioners and their professional reason, which, in the authors' opinion, represents a problem with a high risk of being solved in an unsatisfactory way. For this reason, they have directed their attention to this expression and, thus, they have proposed and documented several conditions, which must be fulfilled, or possibilities according to which its requirements are accomplished, i.e.: shareholders' or investors' correct understanding of the necessity and opportunity to obtain relevant, plausible and transparent information; appointing competent and receptive persons who will fulfill the preliminary conditions for the implementation of the IFRS; designing the layouts of the corresponding financial situations; creating the adequate informational programs and completing the accounting policies with the treatments imposed by the IFRS. PUBLICATION ABSTRACT
The interest related to costs and their calculation is not limited to determining selling prices, it is particularly moving towards mastery and reduce costs without diminishing the attractiveness of ...the product. In the market economy frame is important to know how competitors manage to master their costs, but at the same time, and which is the way how the products sold by entity are added in chain costs to users, which causes its costs and performance by them. Action problem on the cost has a very wide scope. First must to be seen cost is determined at what level, in order to know how to act on it. Also, the computing manner can affect how you act on costs. From the technical point of view the managers can act upon costs relying on laws they follow, laws imposed on their behavior.
Book-Keeping And Dividends Tax Fiscality Ciumag, Anca; Ciumag, Marin
Annals of the University of Petrosani, Economics,
2010, Letnik:
10, Številka:
1
Journal Article
Dividends represent a distribution in cash or in kind, made by a legal person to a participating in legal person as a result of ownership equity in that person. The incidence of taxation on dividend ...policy involves targeting the optimal dividend policy, subject to ongoing changes and effect of customer ownership. Generally, into the current tax system, dividends are taxed more heavily than capital gains from the rising value of the shares. Dividends are distributed to shareholders in proportion to participation in paid up share capital, if the constitutive act don't provides otherwise. Distribution of dividends will not be able to made then from profits arising under the law.
