SOLUTION OF PROBLEMATIC SITUATIONS IN ACCOUNTING FOR TAX BENEFITS

Djalilov R.H.

Djalilov R.H. senior lecturer Karshi Engineering Economics Institute

Uzbekistan

SOLUTION OF PROBLEMATIC SITUATIONS IN ACCOUNTING FOR

TAX BENEFITS

Abstract. This scientific article presents the problems of accounting for tax credits and their solution. The need for inclusion in the chart of accounts is due to the unlawful use of tax benefits.

Key words: tax, tax credit, non-targeted tax credits, targeted tax credits.

Introduction. The research results show that in world practice, including in the tax legislation of our republic, the mechanisms for calculating and paying value added tax, determining turnover taxed at a zero rate, and tax reimbursement remain complex.

As a result of the scientific research carried out in the world to improve the methodology for calculating value added tax, a number of scientific results have been obtained. For example, it has been proven that the optimal value-added tax rate is 15-20 percent, a reduction in the tax rate leads to a shortfall in budget revenues, and the introduction of a high tax rate leads to business concealment (KPMG, London).

Verification that the tax benefits provided to the business entity and the use of the amount in accordance with the stated requirements are carried out in the information sheet of the accounting statements. To improve the accounting procedure for tax benefits, it is necessary to study their economic essence.

A literary review. Tax benefits are described in detail in various economic literature and short-term documentation.

Article 75 of the Tax Code of Uzbekistan defines tax benefits as follows: "Tax preference is an advantage of a taxpayer category over other taxpayers, which is regulated by legislation on tax collection, including the possibility of paying tax or paying an amount at a lower rate. Wages can be individual" [1].

"Credit concessions can be provided by channeling funds released from the loan for a specific purpose. In case of improper use of such funds, the funds used are subject to transfer to the budget in accordance with the established procedure with a fine. Funds released through the provision of benefits under the agreement and not used during the term of the current benefits may be used for the purposes specified in the presentation of the loan within two years after the expiration of the benefits provided. In this case, the funds unused within the specified period are subject to transfer to the budget"[1].

As for tax benefits, one of the foreign scientists I.A.Maiburov divided tax benefits into several types, including: tax credit, invective tax benefit and tax holidays [2].

V.G.Panskov explains the economic nature of a tax credit as follows: A tax credit is a targeted preferential right granted to a taxpayer or a targeted exclusion from the tax base and the object of taxation, its inclusion in the tax system is designed to achieve with its help, a specific goal can be determined and whether economic, budgetary, fiscal or social efficiency [3].

In particular, one of the scientists of our republic F.Rakhmatullayeva defined a tax benefit as follows: "a benefit is a way, a set of rights and obligations, to fully or partially reduce a taxpayer's tax liability in the form prescribed by law in order to improve the economy and solve social problems" [4].

U.H.Normurzaev claims that "Tax benefits are collected by the taxpayer using the axbopot system and by entering the necessary identification code into the receipt of the tax benefit" [5].

From the above, it can be concluded that a tax benefit is an opportunity to pay tax or pay an amount less than expected.

Research methodology. The research used methods of economic analysis, rationality and grouping. In 2017-2021, the reforms implemented in our republic in terms of creating a value-added tax chain and tax benefits, the impact of value-added tax on socially significant goods (services) regulated by the state were analyzed.

Analysis and results. Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated September 22, 2021 No. 595 "Further improvement of taxpayer accounting and adjustment of the method of reimbursement of value added tax" [6] Paragraph 6 of paragraph d of paragraph three dated December 1, 2021 the task of filling in the database on current tax benefits and closing the process of entering a unique code (identifier) of the special tax service benefits for a one-time tax benefit and the closure of the practice of submitting paper according to the tax benefit code to the taxpayer's personal account.

To solve the above tasks, it is necessary to reduce the number of tax benefits (Table 1).

Types of taxes 2018 year 2019 year 2020 year 2021 year 2022 year

quantity7 sum quantity sum quantity7 sum quantity sum quantity7 sum

Total 59 792 22707,56 68113 29 136,00 93871 31 065,60 109363 43 479,30 195884 72 963,70

VAT 2 322 14989,50 11380 23 073,80 7 031 24 643,30 15 508 36 766,30 28214 64 107,90

Profit tax 291 1832,02 763 2 785,40 3 335 2 930,00 2 709 2 219,50 25 015 4 641,30

Land tax 5 499 1183,69 6 736 880,10 4531 1 313,20 11 743 2 575,90 6 204 931,80

Tax on income of individuals 8 321 393,06 33866 789,00 44093 917,90 56 165 1 073,80 41 580 1 028,30

Tax od the «se of Water Resources 7 797,97 31 469,30 673 443,70 1 376 39,10 685 12,30

Social tax 30 258 495,80 3 993 340,90 6 230 346,50 11 247 386,30 52 616 1 187,40

Property tax 220 897,27 382 583,20 4 813 274,00 2 195 306,10 7 809 933,00

Turnover tax 12 530 1325,66 10962 214,30 23165 196,90 8 420 112,30 32 921 97,20

Table 1. Analysis of tax benefits applied by type of taxes in 2018-2022, billion soums

An analysis of the applied tax benefits by type of taxes in 2018-2022 is presented in Table 1. In total, 59,792 organizations received 22,707.56 billion soums of taxes in 2018, 29,136.0 billion soums for 68,113 organizations in 2019, 93,871 organizations - 31,065.6 billion soums in 2021 - 43,479.3 billion soums for 109,363 organizations and, finally, in 2022 - 72,963.7 billion soums - 195,884 organizations can see that sum tax benefits were applied.

If we consider certain types of taxes, in 2018 the amount of VAT benefits provided to 2,322 organizations amounted to 14,989.50 billion soums. When composing the sum, it is clear that it has been converted into the type of tax with the greatest benefit. In 2022, this amount will amount to 64,107.9 billion soums for 28,214 organizations for this type of tax, we see that it has the largest tax benefit, amounting to soums.

It can be stated that a large amount of the following tax benefits will correspond to the income tax paid by legal entities. In 2018, income tax amounted to 1,832.02 billion soums, for 291 organizations. And in 2022 - 4,641.3 billion soums for 25,015 organizations, it is clear that we are talking about soums.

Fees are collected by sending them to a specific destination and divided into benefits depending on the destination.

"According to tax legislation, funds released from tax benefits are completely withdrawn from the budget if they are not used for their intended purpose, and in the case of using the amount used for the specified purpose, penalties are deducted.

The amount of funds released due to the concession and other mandatory payments and not used during the term of this concession may be directed to funds determined at the time of granting the concession within two years after the end of the concession period. In this case, the funds unused during the extended period will be transferred to the state budget of the Republic of Uzbekistan"[1].

We will consider a way to account for special tax benefits that are of particular importance from an economic point of view. The accounting of this reserve is included in account 8840-"Tax benefits with targeted use".

Now let's take a closer look at the business transactions related to this issue in accounting.

1. Goods - for the amount of money issued as a result of exemption from VAT and excise duty on the import of tangible assets:

Debit - 6990 "Calculation of VAT and excise tax benefits for imports";

Credit - 8840-"Tax benefits with targeted use".

2. Due to the fact that the share of exported products is 56 percent of the volume of production, this amount is deducted from section 040 of the income tax bill:

Debit - 6410 "Payment budget (total)";

Credit - 8840-"Tax benefits with targeted use".

3. When the funds released as a result of the tax benefit are used to maintain infrastructure, consolidate infrastructure and modernize equipment: