Personal Income in Form of Additional Benefit: Taxation, Accounting and Reporting
Journal Title: Науковий вісник Національної академії статистики, обліку та аудиту - Year 2016, Vol 0, Issue 4
Abstract
Additional benefit is a specific kind of the physical person’s income. When a fiscal agent pays this kind of income to a physical person who is a payer of tax on personal income (TPI), he needs to properly classify it, because the subsequent taxation of this income is conditional on whether is it classified as wage or as additional benefit. Additional benefit paid to a tax payer by a fiscal agent needs to be classified as such once it can be reasonably confirmed that it is not part of the wage. The taxable basis of TPI for additional benefit, calculated (paid) to a tax payer in non-cash form, is its value multiplied by the legally fixed coefficient. This coefficient is conditional on TPI rate; it is calculated by the formula К = 100 : (100 – Rt), where K is the coefficient, Rt is TPI rate. Incomes in form of additional benefit are subject to war tax at the rate of 1.5%. The taxation object is the income in form of additional benefit, not increased by the coefficient. When the income in form of additional benefit is calculated for a physical person by a fiscal agent, TPI (or was tax) shall be calculated and paid by the agent only from this kind of income. When a fiscal agent takes decision that TPPI (or war tax) from this kind of income is paid by the fiscal body, this money will constitute the additional benefit of a TPI payer, and shall be subject to TPI (or war tax). As there’s no unified approach to recording the income in form of additional benefit, the income needs to be recorded anyway, but its amount should not be increased “artificially” by use of the legally fixed coefficient. The accounting record should be used as the primary document.
Authors and Affiliations
S. I. Kovach
Keywords
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