Tax recoverable may reduce penalties - 10 October 2011

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18:35 Tax recoverable may reduce penalties
Tax receivable has been brought to the organization of her tax check. After control measures tax office made a decision to refuse the deduction of VAT on certain invoices. After that, the controllers have calculated the 20 percent penalty under Article 122 of the Tax Code of the PF. However, previously filed tax organization for reimbursement. Fiscal authorities did not dispute the amount of data and had not yet distinguish them from the budget for the account of the taxpayer. This amount is an overpayment and deducted from the additional charges. The penalty should be levied only with the actual debt of the taxpayer. This is stated in the current tax law, article 122 of the Tax Code. It also agreed with this Federal Arbitration Court for the Eastern Siberian region in its ruling number A78-6877/2010 October 3, 2011. Therefore, the tax receivable actually helped to reduce the amount of penalties. We remind that in addition to issues related to taxes receivable in our specialized headings - "VAT", "overpayment of taxes," you can get other useful and relevant information. Additionally, in order to be always aware of the latest changes in tax and accounting, we can arrange a free subscription to the daily distribution of fresh information.
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