Accounting and reporting of accrual and payment of corporate income tax

Abstract

This paper examines the accounting and reporting of the assessment and payment of corporate income tax. One of the most important issues of the economic development of enterprises is obtaining the maximum profit with the reflection of the minimum costs in their accounting reporting period. For every enterprise, the most important stage of its activity is the calculation of income tax. The most important socio-economic issue now is to improve the calculation of income tax for the further development of enterprises, as their future depends on it. The tax development implemented in recent years fully reflected the essence and impact of taxes on the future of socio-economic indicators. The future development of the tax system presents new challenges regarding the improvement of the accounting system. In order to survive, commercial organizations need to be able to correctly determine the strategy of behavior in the market and calculate and pay income tax. Unfortunately, the problem of harmonizing the display and calculation of corporate income tax in accounting remains. Too many taxes and fees, imperfect tax legislation, tax pressure on enterprises, the need to reflect the same transactions in accounting and tax accounting, which depend on contradictions in legislation, cause a great risk for enterprises. That is why, during the calculation of income tax, it is necessary to check the effect and changes made to the regulatory and legislative framework. In this context, the following tasks arise: disclosure of the economic essence of calculations for the payment of income tax of enterprises; normative and legal regulation; the method of determining the tax profit (loss) of the reporting period in accordance with the norms of the current legislation.