Tax Reporting & Strategy

TRS services are similar to full-scope accounting & tax outsourcing

TRS never provides tax advice (detailed research and analysis on specific tax issue)

TRS does not audit financial statements. But we conduct tax reviews (review tax calculations prepared by the Clients and comment on the detected tax risks)

MS Excel and digital skills are essential for working in the TRS team

Debit Cash, Credit Revenue

Debit Accounts Receivable, Credit Revenue

Debit Revenue, Credit Accounts Receivable

Debit Revenue, Credit Cash

Debit Inventory, Credit Cash

Debit Inventory, Credit Accounts Payable

Debit Cash, Credit Inventory

Debit Accounts Payable, Credit Inventory

Debit Accounts Receivable, Credit Sales Revenue; Debit Cost of Goods Sold, Credit Inventory

Debit Sales Revenue, Credit Accounts Receivable; Debit Inventory, Credit Cost of Goods Sold

Debit Cash, Credit Sales Revenue; Debit Inventory, Credit Cost of Goods Sold

Debit Sales Revenue, Credit Cash; Debit Cost of Goods Sold, Credit Inventory

Debit Office Supplies, Credit Cash

Debit Cash, Credit Office Equipment

Debit Fixed assets, Credit Cash

Debit Office Equipment, Credit Accounts Payable

Debit Tax Expense, Credit Cash

Debit Tax Expense, Credit Tax Payable

Debit Tax Payable, Credit Tax Expense

Debit Cash, Credit Tax Expense

Expenses not connected with income-generating activities

Expenses with incomplete primary documents package

Expenses related to the prior period

Services rendered by related parties

No, fruits are never deductible

Yes, if the company sells cakes with fruits

Yes, if the fruits were purchased for employees

Yes, if the fruits were purchased for the clients (new year gifts)

CIT deductions are based on e-invoice date, VAT offset is based on turnover date

VAT offset should be based on e-invoice date, whereas CIT deduction should be in line with turnover date

CIT deductions and VAT offset are based on the same date

VAT offset is based on payment date, CIT deduction is based on invoice date

Transactions with non-residents are always subject to withholding tax and reverse charge VAT

Withholding tax rate can be reduced under the Double Tax Treaty

Withholding tax rate can be reduced if the tax residency certificate is in place

Tax base for reverse charge VAT and withholding tax should be always equal