Corporate income tax

As the main income received by state bodies from legal entities, is the corporate income tax. In this case, the state is interested in creating favorable conditions for the development of enterprises and increasing their profits and getting higher rates of income in the future.

The main tax payers are legal entities that carry out their activities in order to obtain a commercial effect, that is, profits. And budget organizations are not exceptions.

Under the object of taxation is understood as the amount of money received by enterprises or organizations from the implementation of all types of activities: operating, non-operating and financial.

Profit is the difference between revenue except for customs duties and VAT and the costs of carrying out production activities, the provision of services or performance of work. At its definition in calculation the income from the basic activity, profit from auxiliary manufacture and dividends on securities and other financial tools undertakes also.

Taxation is not subject to fixed assets, which the enterprise acquired in ownership on the basis of gratuitous receipt. The profit tax of budget organizations is also levied on the difference in income from core activities and the expenses necessary for its implementation. Only funds that have charity and social activities as their goal are eligible for exclusion.

Corporate profit tax is charged at a standard rate of 13%. Depending on the direction of activity, the rate may vary, for example, insurance and credit institutions make deductions at a rate of 30%.

Benefits can be used by enterprises and organizations that have taken out a loan for the implementation of the main activity or its significant expansion. At a lower interest rate, the costs of social facilities that belong to the enterprise and are aimed at improving the life of the personnel are estimated. These include sanatoria, kindergartens, schools, hospitals, and even specialized homes for the elderly.

If half of the employees of the enterprise are disabled, then the corporate profit tax is also halved. On the one hand, a significant reduction in the amount of deductions attracts a legal entity, and on the other hand, a lot of free cash is required to equip workplaces. And the working capacity of disabled people is not very encouraging. In this case, there is one significant condition: 50% should be spent on the social needs of staff.

In the framework of the program for supporting small and medium-sized businesses, corporate profit tax is not paid by small businesses of commercial, agricultural nature, as well as those that produce essential products. But such a privilege is valid only in the first two years of activity. They do not pay a profit tax to organizations of a religious establishment.

To pay the deductions, the head must submit to the tax authority reporting on income tax. Payments must be paid on time, the amount being one third of the quarterly profit amount. The deadline for payment is 15th day of each following month. Organizations of a budgetary nature make transfers to budget funds once every three months, that is, quarterly.

The profit tax of organizations is also levied on non-residents operating in our country. The taxable base includes only the profits received from operations in the domestic market.