Optimization of VAT using bills of exchange. VAT taxation of transactions with bills of exchange Sale of bills of exchange of a third party VAT accrual

11.12.2023

The operation of repaying a third party's bill of exchange is not recognized as subject to VAT. It is necessary to fill out Sheet 05 in the income tax return. So you need to fill out Section 7 in your VAT return?

No, there is no need to reflect such a transaction in section 7 of the VAT return. There are no official clarifications on how to reflect the repayment of a bill of exchange in the VAT return. But section 7 must be completed and submitted if during the tax period the organization carried out transactions not subject to VAT. Repayment of a bill means the termination of the loan obligation; no implementation occurs. Therefore, when repaying a bill of exchange, the organization does not perform the operations provided for in Articles 39 and 149 of the Tax Code of the Russian Federation; there is no need to reflect such an operation in the VAT return.

How to prepare and submit a VAT return

How to reflect sales and other disposals in accounting and taxation third party bills

The operation of repaying a third party's bill of exchange is not recognized as subject to VAT. After all, in essence, the drawer returns the previously received amount (clause 1 of Article 39 of the Tax Code of the Russian Federation, letters of the Ministry of Finance of Russia dated March 21, 2011 No. 03-02-07/1-79 and the Federal Tax Service of Russia dated August 19, 2005 No. 03- 4-03/1451/28).

Letter from the Federal Tax Service of Russia in Moscow dated 02/01/2011 No. 16-15/009021@

A bill of exchange is a security that certifies the unconditional obligations of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to pay upon the maturity of the period stipulated by the bill the borrowed sums of money (Article 815 of the Civil Code of the Russian Federation).
Presentation of a bill of exchange for payment means termination of the loan obligation; the bill as a security upon its redemption ceases to exist. Thus, when a bill is redeemed, the main sign of implementation is missing - the transfer of ownership of the transferred security, since the drawer who received the bill does not acquire any rights to it, he only has an obligation to pay off this bill.

Thus, a bill has a dual nature: it is a security and a means of payment. If a bill of exchange is used solely as a means of payment (for making settlements with counterparties), disposal of the bill of exchange in this case does not constitute a sale of the security.
Arbitration practice proceeds from the fact that the repayment of a bill of exchange for tax purposes cannot be considered a sale (Resolutions of the Federal Antimonopoly Service of the Moscow Region dated 02.11.2009 No. KA-A40/11432-09, dated 09.07.2009 No. KA-A40/8720-09, dated 25.11.2010 No. KA-A40/14166-10, FAS of the North-Western District dated November 27, 2006 No. A56-49527/2005, FAS of the West Siberian District dated November 20, 2006 No. F04-4398/2006(28604-A27-41), dated 16.10. 2006 No. Ф04-6608/2006(27215-А27-41) and dated 09/20/2006 No. Ф04-5952/2006(26359-А27-25)).

"Current issues of accounting and taxation", 2005, N 4

How to take into account “input” VAT if the organization, in addition to other business transactions, sold a third party’s bill of exchange? What if the security was given as payment for purchased goods, work or services? Or was it presented to the drawer for repayment? The answers to these questions determine whether it is necessary to maintain separate accounting during the period of disposal of bills of exchange of third parties and divide the “input” VAT between taxable and non-taxable transactions or whether the organization does not need this.

Experts have remarkably different opinions. But the price of the issue is more than high. If the tax legislation requirement for separate accounting is not met, then the entire amount of “input” VAT cannot be deducted and will have to be attributed to expenses not taken into account for corporate income tax purposes.

But the trouble is that even if the taxpayer decides to meet the requirements of the tax authorities, he will be surprised to find that they are not so easy to fulfill. We will talk about this in our article.

Product or not product?

Firstly, disagreements immediately arise as to whether the transfer of a third party’s bill of exchange can be considered a sale of goods for VAT purposes? We will explain below why the answer to this question is so important - it is connected with the specific application of clause 4 of Article 170 of the Tax Code of the Russian Federation. For now, let's start with the provisions of the Civil Code of the Russian Federation.

Article 143 of the Civil Code of the Russian Federation classifies a bill of exchange as a security. What a security is is stated in clause 1 of Article 142 of the Civil Code of the Russian Federation. A security is a document certifying, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation. With the transfer of a security, all rights certified by it are transferred in the aggregate. Consequently, a bill of exchange is a paper certifying property rights.

Now let's move on to the Tax Code of the Russian Federation. Clause 3 of Article 38 of the Tax Code of the Russian Federation states that for the purposes of the Tax Code of the Russian Federation any property that is sold or intended for sale is recognized as a product. The concept of property for the purposes of the Tax Code of the Russian Federation is given in paragraph 2 of the same article. Property should be understood as types of objects of civil rights (with the exception of property rights) related to property in accordance with the Civil Code of the Russian Federation. Thus, the Tax Code separates property and property rights.

This is confirmed by paragraph 1 of paragraph 1 of Article 146 of the Tax Code of the Russian Federation. It states that the object of VAT taxation is the sale of goods (work, services) in the territory of the Russian Federation, including the sale of collateral and the transfer of goods (results of work performed, provision of services) under an agreement on the provision of compensation or novation, as well as the transfer of property rights. It follows that the sale of goods, works or services and the transfer of property rights are different things. And the transfer of a bill of exchange is precisely a transfer of property rights.

Some support for supporters of the fact that a bill of exchange is not a commodity is provided by Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated February 29, 2000 N 5323/99. The document reminds that the right to establish the procedure for reflecting transactions in accounting accounts is granted to the Ministry of Finance of Russia (Article 5 of the Law on Accounting<1>). At that time, Order No. 2 of the Russian Ministry of Finance was in force<2>, which provides for a procedure for accounting for income and costs of transactions with securities, different from accounting for income and costs when selling goods, works or services.

<1>Federal Law of November 21, 1996 N 129-FZ “On Accounting”.
<2>Order of the Ministry of Finance of Russia dated January 15, 1997 N 2 “On the procedure for reflecting transactions with securities in accounting.”

Currently, this Order has replaced PBU 19/02<3>, but the procedure for accounting for income and costs of transactions with securities, which is different from accounting for income and costs when selling goods, works or services, has been preserved. Securities acquired by an organization are reflected in the amount of actual costs associated with their acquisition on account 58 “Financial investments”. The same PBU provides a list of costs that can be taken into account when purchasing securities.

<3>Accounting Regulations “Accounting for Financial Investments” PBU 19/02, approved. By Order of the Ministry of Finance of Russia dated December 10, 2002 N 126n.

Some experts, when answering the analyzed question, consider the bill from an economic point of view. The bill has a dual nature. It is both an order security and a means of payment. For example, an organization can buy a bill of exchange from a bank not in order to win something on interest, but in order to pay its supplier based on the face value of the bill. This is confirmed by the Regulations on bills of exchange and promissory notes<4>and Decree of the President of the Russian Federation N 1005<5>. In this situation, should the transfer of a bill of exchange be considered a financial transaction if the company does not have any material benefits when purchasing it and transferring it to the supplier?

<4>Regulations on bills of exchange and promissory notes, approved. Resolution of the Central Executive Committee and Council of People's Commissars of the USSR dated 08/07/1937 N 104/1341.
<5>Decree of the President of the Russian Federation dated May 23, 1994 N 1005 “On additional measures to normalize payments and strengthen payment discipline in the national economy.”

Opponents of the division of VAT believe that in this case there is no sale and purchase of a bill of exchange - it acts only as a means of payment, according to which the drawer is obliged to pay a certain amount of money. It does not matter whether the bill was purchased from the bank or received from the buyer. After all, a promissory note received in exchange for money is actually a promissory note for the loan received. The use of a bill of exchange as a means of payment excludes the interpretation of its transfer as the sale of goods.

There is another option in which the transfer of a bill cannot in any way be recognized as its sale - when the bill is presented for redemption. The issuer of the bill does not buy it, but repays his obligation.

However, there is a situation when the transfer of a bill of exchange by a company is clearly equated to its sale as a product - the sale of a bill of exchange for money. This position is supported in the joint Resolution of the Plenums of the Supreme Court of the Russian Federation and the Supreme Arbitration Court of the Russian Federation dated December 4, 2000 N N 33 and 14, according to which in cases where one of the parties undertakes to transfer a bill of exchange, and the other party undertakes to pay a certain amount of money (price) for it, the rules on purchase and sale apply to the relations of the parties, unless special rules are established by law. Paragraph 2 of Article 454 of the Civil Code of the Russian Federation establishes that the provisions provided for in this paragraph apply to the purchase and sale of securities, unless the law establishes special rules for their purchase and sale.

The said Resolution further clarifies that when considering disputes, it is necessary to keep in mind that the seller’s obligations to transfer the bill of exchange as goods can be considered fulfilled at the time he takes actions to properly transfer the bill of exchange to the buyer with a completed endorsement transferring the rights arising from the bill of exchange to the buyer or the person indicated by him, unless a different procedure for transfer follows from the terms of the agreement of the parties and is not determined by the nature of the bill of exchange. The mandatory presence of an endorsement in this case is stated in paragraph 3 of Article 146 of the Civil Code of the Russian Federation.

Let us recall that in order to transfer to another person the rights certified by a bearer security, it is sufficient to deliver the security to that person.

From all of the above, we can conclude that the transfer of a bill of exchange to a third party will be equated to its sale as a commodity only when the seller of this bill sells it for money. True, here too the opponents of the division of VAT are not giving up. They argue that if the bill was previously received from the buyer of goods, works or services, and only then sold for money, then there is also no need to separate the “input” VAT. The fact is that the bill was not purchased for money, and the organization did not intend to use it for the purpose of generating income. The subsequent sale of a bill is only the receipt of revenue for previously sold goods, and no new type of activity is formed for the enterprise.

Editor's comment. The arguments presented to your attention on the topic of when the transfer of a bill of exchange of a third party should be equated to sale as a product do not coincide with those previously published in our magazine (“AVBN”, No. 8, 2004, article by S.N. Zaitseva “Settlements with bills of exchange of third parties” persons: features of taxation"). According to the latter, the sale of a bill of exchange for tax purposes is considered not only its sale for money, but also the transfer of a security under sales contracts as a means of payment for goods supplied (work performed, services rendered). This position has been confirmed by specialists from the Ministry of Finance of Russia and tax services (see Letters of the DNP of the Ministry of Finance of Russia dated 04.03.2004 N 04-03-11/30 “On maintaining separate accounting of costs for VAT purposes”; dated 24.11.2004 N 03-03-01- 04/1/141 and the Ministry of Taxes of Russia dated June 21, 2004 N 02-5-11/111@ "On the application of the norms of Chapter 25 of the Tax Code of the Russian Federation"). Therefore, by sharing the opinion of supporters that the sale of a bill of exchange is only considered to be its transfer for money, organizations will most likely doom themselves to disputes with the tax authorities.

However, as the author of the article rightly noted, many questions on this topic do not have a clear answer. Therefore, the presented material will be of interest to our readers and, perhaps, will be able to help in defending our position in court.

Selling bills of exchange and charging VAT

As already noted, the transfer of property rights is subject to VAT taxation on the basis of clause 1, clause 1, article 146 of the Tax Code of the Russian Federation. However, paragraph 12, paragraph 2, Article 149 of the Tax Code of the Russian Federation states that the sale and transfer of securities on the territory of Russia is not subject to VAT. Well, since the bill refers to securities, it means that its sale or transfer is not subject to VAT. Consequently, an organization that has sold a third party bill of exchange has two types of transactions in its accounting - taxable and not subject to VAT. In this case, she will have to be guided by the requirements of paragraph 4 of Article 170 of the Tax Code of the Russian Federation, which talks about a special procedure for deducting amounts of “input” tax.

VAT amounts presented by sellers of goods, works or services to taxpayers carrying out both taxable and tax-exempt transactions:

in accordance with clause 2 of Article 170 of the Tax Code of the Russian Federation are taken into account in the cost of such goods, work or services - for goods, work or services used to carry out transactions not subject to VAT;
according to Article 172 of the Tax Code of the Russian Federation, they are accepted for deduction - for goods, works or services used to carry out transactions subject to VAT;
are accepted for deduction from the budget or are taken into account in the cost of purchased goods, works or services in the proportion in which they are used for the production or sale of goods, works or services, operations for the sale of which are subject to taxation or, conversely, are exempt from taxation.

Thus, three groups of goods, works or services can be distinguished:

which are used exclusively for carrying out transactions not subject to VAT;
which are used exclusively for carrying out transactions subject to VAT;
which are used to carry out both those and other operations.

Clause 4 of Article 170 of the Tax Code of the Russian Federation states that the taxpayer is obliged to keep separate records of tax amounts for purchased goods, works and services, including fixed assets and intangible assets used for the implementation of both taxable and non-taxable operations. It is necessary in order to carry out a proportional distribution of VAT on goods, works and services used to carry out transactions subject to and not subject to VAT. In the absence of separate accounting, “input” VAT can neither be deducted nor taken into account when calculating corporate income tax.

However, the last paragraph of clause 4 of Article 170 of the Tax Code of the Russian Federation states that the taxpayer has the right not to maintain separate accounting, which we talked about, in those tax periods in which the share of total expenses for the production of goods, works, services, operations for the sale of which are not subject to taxation, does not exceed five percent of the total value of total production costs.

Please note: this paragraph refers exclusively to goods, works and services! If the bill is not a commodity, as we discussed in the previous section of the article, then the norm of this paragraph is fulfilled automatically. The organization that sold the bill does not have transactions for the sale of goods that are not subject to VAT. This means that the share of total costs for the production of goods, operations for the sale of which are not subject to taxation, does not exceed 5% of the total value of total production costs. They simply don't exist at all!

Consequently, there is no need to divide anything, and all amounts of “input” VAT, naturally, if the conditions established in the Tax Code of the Russian Federation are met, can be presented for deduction from the budget.

But, as we have already noted, there is a situation when a bill of exchange is sold precisely as a commodity. In this case, you will have to divide the “input” VAT. So how do you do this?

Expenses for the sale of bills

It is known that it is not difficult to identify goods, works or services that are (or will be used) exclusively for transactions subject to VAT. What can be classified as goods, works or services used exclusively for transactions for the transfer or sale of bills?

Ideally, an organization should have a separate division dedicated only to the sale of securities, including bills of exchange of third parties. In this case, undoubtedly, the goods, works or services purchased for this division will generate expenses necessary exclusively for carrying out operations not subject to VAT. But in the practice of ordinary, non-specialized organizations, this is quite rare.

What then should be considered expenses related to the sale of bills of exchange in the absence of such a separate division? Some experts (including tax officials) believe that these are general business expenses. After all, they are used to carry out transactions both subject to VAT and non-taxable. Consequently, VAT on such expenses is subject to proportional distribution and deduction or inclusion in the cost of purchased goods, works or services.

Others argue that there is no reason not to partially deduct VAT on general business expenses, since all these expenses are related to the main type of activity carried out by the organization, the proceeds from which are subject to VAT.

Let's look at the tax accounting rules. In accordance with clause 2 of Article 280 of the Tax Code of the Russian Federation, expenses for the sale (or other disposal) of securities are determined based on the purchase price of the security (including the costs of its acquisition), the costs of its sale, the amount of discounts on the estimated value of investment shares, the amount accumulated interest (coupon) income paid by the taxpayer to the seller of the security. Thus, there is no talk here of any indirect expenses that could be classified as general business expenses.

For accounting purposes, in accordance with clause 9 of PBU 19/02, general business and other similar expenses are not included in the actual costs of acquiring financial investments, except in cases where they are directly related to the acquisition of financial investments. It turns out that, with rare exceptions, in accounting, general business expenses are not included in the cost of purchasing securities.

In addition, we note that when selling a bill of exchange, the seller does not incur VAT amounts that could be charged as expenses. Firstly, there is no VAT on the price of the bill itself, and secondly, if, for example, the bill was purchased at a bank, then there is no tax on the cost of banking services related to the purchase of the bill.

From all of the above, we can conclude that there are virtually no general expenses that could be divided between the main activities of the company and its sale of bills of exchange from third parties. However, the tax authorities are against it, and this position will have to be defended in court battles.

Well, even if we agree that between the sale of bills of exchange of third parties and everything else it is necessary to distribute the VAT that falls on general business expenses, then a problem arises again. It is related to the procedure for calculating the 5% referred to in paragraph 9, paragraph 4, article 170 of the Tax Code of the Russian Federation.

The question arises: should the cost of their acquisition be included in the costs of “production of third party bills” (a slightly strange expression)? In other words, do the costs of producing goods include the costs of purchasing such goods that are subsequently sold without any processing? It is impossible to derive a clear answer from the content of this paragraph.

In paragraph 5 of clause 43 of the Methodological recommendations for the application of Chapter 21 "VAT" of the Tax Code of the Russian Federation<6>it is said that the provision of paragraph 9, paragraph 4, article 170 of the Tax Code of the Russian Federation also applies to trading activities. Trade, as we know, deals with the resale of goods. From this we can conclude that the tax authorities, when applying this paragraph, allow the costs of their direct acquisition to be included in the costs of “production of goods”. So it turns out that the costs of selling bills of exchange, in addition to part of the general business expenses, must also include the costs of purchasing these bills.

Distribution of general business expenses

There are several ways to distribute general business expenses in accounting:

in proportion to the share of revenue from a particular type of activity in the total revenue of the organization;
in proportion to the wages of key production workers;
in proportion to depreciation of fixed assets;

In addition, other options or combinations thereof are possible, prescribed in the organization’s accounting policies.

In our case, apparently, the enterprise has no choice. In order to correctly distribute general business expenses in the event of the sale of bills, you should use the first of the above options. The fact is that with other methods of distributing general business expenses it is extremely difficult to calculate the required proportion. For example, it is obvious that the main production employees are not involved in the sale of third party bills. And so on and so forth.

Example. CJSC "Sozvezdie" is a VAT payer. The tax period is a month.

In February 2005, the total amount of production expenses amounted to 367,400 rubles, including the amount of general business expenses of the enterprise - 46,800 rubles.

The amount of “input” VAT related to these general business expenses is 5,400 rubles.

The amount of the company's products shipped for this month amounted to 478,900 rubles. (excluding VAT).

In the same month, the company received a bank draft with a nominal value of 300,000 rubles from its buyer. The actual costs of its acquisition, that is, the cost of the products transferred to the buyer, amounted to 268,000 rubles.

At the same time, this bill was sold for 275,000 rubles.

Let's calculate whether the condition of paragraph 9, clause 4, article 170 of the Tax Code of the Russian Federation is met:

(RUB 268,000 / (RUB 268,000 + RUB 367,400)) = 42.18%.

No, it is not fulfilled, since the costs of “producing a third party bill of exchange” turned out to be much more than 5% of the total production costs. Therefore, you will have to calculate the proportion and divide the “input” VAT.

The procedure for calculating this proportion is prescribed in clause 4 of Article 170 of the Tax Code of the Russian Federation: the proportion is determined based on the cost of shipped goods, work or services, the sales transactions of which are subject to taxation (exempt from taxation), in the total cost of goods, work or services shipped for taxable period.

Thus, the sale of the bill includes the amount of “input” VAT associated with general business expenses of the enterprise in the amount of 1970 rubles. (5,400 rub. x (275,000 rub. / (275,000 rub. + 478,900 rub.))).

This amount of VAT will have to be included in the general business expenses of the enterprise.

The following entries will be made in the organization's accounting records:

Debit 26 Credit 19 - 1970 rub. - part of the “input” VAT is included in the general business expenses of the company.

One more nuance

For the sake of fairness, we note that there is another negative opinion regarding the division of “input” VAT in the event that the company does not sell bills on an ongoing basis, for example, if these are single, one-time transactions. It is associated with the concept of an ordinary type of activity, and clause 4 of Article 170 of the Tax Code of the Russian Federation and should be applied to ordinary types of activity of an enterprise.

These types of activities should include activities that are carried out on an ongoing basis, that is, systematically, and are aimed at making a profit. It is clear that if an organization has carried out a one-time transaction with a bill of exchange, then such activity cannot be considered ordinary. And if so, then there is no need to separate the “input” VAT, which is associated specifically with the ordinary activities of the organization.

By the way, we note that all of the above problems will not arise for the taxpayer if he issues his own bill of exchange to the supplier or contractor. There is no sale of a security here, since your own bill of exchange is not a security - it only confirms the loan made. After all, according to clause 7 of PBU 15/01<7>in cases provided for by law, an organization can raise borrowed funds by issuing bills of exchange. And since there is no sale of the security, then there is no need to comply with clause 4 of Article 170 of the Tax Code of the Russian Federation.

<7>Accounting Regulations “Accounting for Loans and Credits and the Costs of Servicing them” PBU 15/01, approved. By Order of the Ministry of Finance of Russia dated August 2, 2001 N 60n.

A.V. Anishchenko

Journal expert

"Current issues

accounting

and taxation"

In payment for shipped goods, the buyer can issue you his own (promissory) bill or a third party bill of exchange (transferable), discount or interest bill. We will talk about how this operation and the further fate of the bill are reflected in tax accounting.

The fact that in payment for goods the buyer issued you his own bill of exchange or transferred a bill of exchange of a third party does not in any way affect the procedure for recording the sale of goods in tax accounting. In other words, on the date of shipment you need to recognize revenue in the full amount of the contract value of the goods and charge VAT in the general manner (clause 3 of Article 271 of the Tax Code of the Russian Federation). The cost of goods sold, in payment for which a bill of exchange was received, is also recognized as expenses in the usual manner. At the same time, on the date of receipt of the bill of exchange, income and expenses in the form of the par value of the bill of exchange, discount or interest on it do not arise (Article 815 of the Civil Code of the Russian Federation, letter of the Ministry of Finance dated April 27, 2011 No. 03-11-06/2/68).

note

To confirm receipt of a bill of exchange from the buyer in payment for shipped goods, it is necessary to issue an act of acceptance and transfer. It must indicate the agreement under which the bill of exchange was issued (transferred) to secure payment.

Discount or interest

Discount or interest on a bill for tax purposes of the seller’s profit is recognized as non-operating income (clause 3 of Article 43, clause 6 of Article 250, clause 1 of Article 346.15 of the Tax Code of the Russian Federation). Let us recall that the discount is the difference between the face value of the bill and the cost of the goods for which it was received. Interest is accrued on the face value of the bill if it is repayable “at sight” or “within such and such a time from presentation” (for example, in a month) (clauses 5, 34, 77 of the Regulations on bills of exchange and promissory notes). They are accrued from the day following the day the bill of exchange is drawn up (or from the date specified in it) and until the day of its presentation for redemption at the rate specified in the bill of exchange (clauses 5, 77 of the Regulations on bills of exchange and promissory notes, Article 191 of the Civil Code RF).

The amount of discount or interest is recognized in income on a straight-line basis on the last day of each month before the beginning of the reporting period in which the bill was disposed of, i.e. was (clause 6 of article 271 of the Tax Code of the Russian Federation):

presented for redemption (payment);
sold;
transferred as payment for the goods you purchased.

The discount amount that needs to be taken into account in a particular month can be calculated using the formula:

2) non-operating income:

The interest that needs to be taken into account in a particular month is calculated using the formula:

For profit tax purposes, an organization recognizes:

1) income from the sale of goods in the amount of 500,000 rubles. (RUB 572,000 – RUB 72,000) – as of 01/19/2016;

2) non-operating income:

When receiving money from the drawer for the amount of discount or interest on the bill, VAT must be charged if (clause 3, clause 1, article 162 of the Tax Code of the Russian Federation):

– the bill was received in payment for goods (work, services) subject to VAT;

– the accrued amount of discount (interest) is greater than the amount of interest calculated based on the refinancing rate of the Central Bank of the Russian Federation in force during the periods for which the discount (interest) on the bill was accrued

note

Since January 1, 2016, the Bank of Russia has not established an independent value for the Bank of Russia refinancing rate. It is equal to the key rate of the Central Bank determined as of the corresponding date (Instruction of the Central Bank of the Russian Federation dated December 11, 2015 No. 3894-U).

VAT on discount (interest) on a bill = (Amount of discount (interest) received on a bill – Interest calculated at the Central Bank rate) × 10/110 or 18/118

VAT accrual on discount received on a bill of exchange

On January 19, 2016, the organization shipped goods worth RUB 572,000. (including VAT - 72,000 rubles). In payment for the goods, on January 20, 2016, the buyer transferred his own discount bill with a nominal value of RUB 612,000. and with a maturity date of 04/29/2016.

The discount amount on the bill is 40,000 rubles. (RUB 612,000 – RUB 572,000). The circulation period of the bill is 100 days. (from 01/22/2016 to 04/29/2016).

On 04/29/2016, the buyer paid the presented bill in full, the money was credited to the organization’s account on 05/04/2016. Let us assume that the refinancing rate (key rate) of the Central Bank of the Russian Federation during the period of circulation of the bill was unchanged and amounted to 11 percent per annum. The amount of interest calculated at this rate is RUB 17,191.26. (RUB 572,000 × 11% / 366 days × 100 days). This amount is less than the amount of the discount received on the bill (RUB 17,191.26).< 40 000 руб.).

The organization will calculate VAT on the discount on the bill from the amount of RUB 22,808.74. (RUB 40,000 – RUB 17,191.26) in the amount of RUB 3,479.30. (RUB 22,808.74 × 18/118). This amount must be reflected in the VAT return for the second quarter of 2016.

Repayment of a bill

Income and expenses associated with the redemption of a bill of exchange for profit tax purposes are recognized as income and expenses from the sale of securities not traded on the organized securities market (clauses 2, 3 of Article 280 of the Tax Code of the Russian Federation). They are recognized on the date of presentation of the bill for payment:

in sales income– the face value of the bill and the amount of interest accrued from the day following the day the bill was drawn up and until the day of its presentation for redemption, if the bill is interest-bearing (clause 2 of Article 280 of the Tax Code of the Russian Federation);
in sales expenses– the actual cost of purchasing the bill, i.e. contractual value of goods, including VAT, in payment for which it was received (clause 3, 29, article 280 of the Tax Code of the Russian Federation);

The discount amount on the bill is 40,000 rubles. (RUB 612,000 – RUB 572,000). The circulation period of the bill is 100 days. (from 01/22/2016 to 04/29/2016).

– 4800 rub. (40,000:100 days × 12 days) – as of 01/31/2016;

– 11,600 rub. (40,000:100 days × 29 days) – as of 02/29/2016;

– 12,400 rub. (40,000:100 days × 31 days) – as of 03/31/2016.

On April 29, 2016, the organization presented the bill for payment. On this date it will reflect in tax accounting:

– income from the sale of the bill – in the amount of 612,000 rubles;

Payment by bill of exchange for purchased goods

For profit tax purposes, income and expenses associated with the transfer of a bill of exchange in payment for goods are also recognized as income and expenses from the sale of securities not traded on the organized securities market (clauses 2, 3 of Article 280 of the Tax Code of the Russian Federation). They are recognized on the date of transfer of the bill:

in sales income– the amount of debt to the supplier, in payment for which you transfer the bill of exchange (clause 2, 29, article 280 of the Tax Code of the Russian Federation);
in sales expenses– the actual cost of purchasing the bill, i.e. contractual value of goods, including VAT, in payment for which the bill of exchange was received (clause 3, 29, article 280 of the Tax Code of the Russian Federation);
in non-operating expenses– the amount of discount or interest taken into account as part of non-operating income earlier (clause 3 of Article 280 of the Tax Code of the Russian Federation).

The transfer of a bill of exchange is not subject to VAT, and the “input” tax on goods paid for by bill of exchange is accepted for deduction in the general manner (subclause 12, paragraph 2, article 149 of the Tax Code, letter of the Ministry of Finance dated March 21, 2011 No. 03-02-07/1- 79).

note

To confirm the transfer of a bill of exchange for payment of goods, issue an act of acceptance and transfer. In it, be sure to indicate the agreement under which goods are purchased, paid for by a bill of exchange, and the date of transfer of the bill of exchange.

Accounting for the transfer of a bill of exchange of the buyer-drawer to a third party in payment for goods in the OSN

On January 19, 2016, the organization shipped goods worth RUB 572,000. (including VAT – 72,000 rubles). In payment for the goods, on January 20, 2016, the buyer transferred his own interest-bearing bill with a nominal value of RUB 572,000. The interest rate on the bill is 32 percent, the maturity date is “at sight, but not earlier than 04/29/2016.” The circulation period of the bill is from January 22, 2016 to April 29, 2016.

For profit tax purposes, an organization recognizes interest in non-operating income:

– 6001.31 rub. (RUB 572,000 × 32%: 366 days × 12 days) – as of 01/31/2016;

– 14,503.17 rub. (RUB 572,000 × 32%: 366 days × 29 days) – as of 02/29/2016;

– 15,503.39 rub. (RUB 572,000 × 32%: 366 days × 31 days) – as of 03/31/2016.

On 04/01/2016, the organization transferred a bill of exchange to its simplified supplier in payment for goods shipped to it worth 600,000 rubles.

On 04/01/2016 the organization will reflect in tax accounting:

– income from the sale of the bill – in the amount of 605,000 rubles;

– expenses from the sale of the bill – in the amount of RUB 572,000;

– non-operating expenses in the form of interest previously included in non-operating income - in the amount of RUB 36,007.87. (RUB 6,001.31 + RUB 14,503.17 + RUB 15,503.39).

Selling a bill

Income and expenses associated with the sale of a bill of exchange, for profit tax purposes, are again recognized as income and expenses from the sale of securities not traded on the organized securities market (clauses 2, 3 of Article 280 of the Tax Code of the Russian Federation). They are recognized on the date of transfer of the bill to the buyer:

in sales income– actual sale price of the bill, i.e. the amount that the buyer must pay for it (clause 2, 29, article 280 of the Tax Code of the Russian Federation);
in sales expenses– the actual cost of purchasing the bill, i.e. contractual value of goods, including VAT, in payment for which a bill of exchange was received (clause 3, 29, article 280 of the Tax Code of the Russian Federation).
in non-operating expenses- the amount of discount or interest taken into account as part of non-operating income earlier (clause 3 of Article 280 of the Tax Code of the Russian Federation).

The sale of a bill of exchange is not subject to VAT (clause 12, clause 2, article 149 of the Tax Code of the Russian Federation).

note

The fact of transfer of the bill of exchange to the buyer can be confirmed either by the purchase and sale agreement of the bill of exchange or by the act of its acceptance and transfer, if the fact of transfer of the bill of exchange is not recorded in the purchase and sale agreement.

Accounting for the sale of the bill of exchange of the buyer-drawer during the special tax system

The discount amount on the bill is 40,000 rubles. (RUB 612,000 – RUB 572,000). The circulation period of the bill is 100 days. (from 01/22/2016 to 04/29/2016).

For profit tax purposes, the organization recognized a discount in non-operating income:

– 4800 rub. (40,000:100 days × 12 days) – as of 01/31/2016;

– 11,600 rub. (40,000:100 days × 29 days) – as of 02/29/2016;

– 12,400 rub. (40,000:100 days × 31 days) – as of 03/31/2016.

On 04/01/2016, the bill was transferred to a third party under a purchase and sale agreement at a price of RUB 600,000. As of this date, the organization will reflect in tax accounting:

– income from the sale of the bill – in the amount of 600,000 rubles;

– expenses from the sale of the bill – in the amount of RUB 572,000;

– non-operating expenses in the form of a discount previously included in non-operating income – in the amount of RUB 28,800,600. (RUB 4,800 + RUB 11,600 + RUB 12,400).

Expert "PB"Oksana Dobrova

O.V. Kulagina, tax expert

We take into account the disposal of the bill

Accounting and VAT consequences when repaying, selling or transferring a bill of exchange for payment

A bill of exchange can be used as a means of payment, that is, transferred in payment for goods (works, services), or it can be sold as a security under a purchase and sale agreement. In the end, you can present it to the drawer at the appointed time and receive money for it. We will tell you in the article how to reflect these transactions in accounting and how they will affect VAT.

OPTION 1. Repayment of the bill

VAT

Discount or interest on a bill increases the tax base only if:

the bill was received in payment for goods (work, services) subject to VAT subp. 3 p. 1 art. 162, paragraph 4 of Art. 164 Tax Code of the Russian Federation;
the interest or discount is actually received by you from the drawer;
The discount rate (interest rate) on the bill is greater than the refinancing rate in the interest (discount) period.

If all these conditions are met, then you need to do the following.

If the refinancing rate has changed during the circulation period of the bill, then the amount of interest for the period of validity of the refinancing rate before the change and for the period of validity of the “new” refinancing rate must be calculated separately, and then the resulting amounts must be added up.

STEP 2. Determine the amount of VAT on interest (discount) on the bill:

STEP 3. Draw up an invoice in a single copy and register it in the journal of issued invoices and in the sales book for the quarter when money was received on the bill. clause 3 of the Rules for maintaining a sales book; subp. “a” clause 7 of the Rules for maintaining records of received and issued invoices, approved. Government Decree No. 1137 dated December 26, 2011. There is no need to give such an invoice to the buyer.

Can this VAT be included in expenses? In principle, it is possible, this does not contradict the Tax Code, because you did not present this tax to the buyer subp. 1 clause 1 art. 264 Tax Code of the Russian Federation.

Accounting

Accounting will depend on what kind of bill you have:

<если>interest-bearing bill, then on the day it is presented for redemption, interest must be accrued for the last time. In the future, when receiving money on a bill of exchange, income no longer needs to be recognized, since interest was included in income in the month of accrual, and the received nominal value of the bill of exchange is a repaid loan. clause 3 PBU 9/99;

Earlier on the pages of our magazine A.S. Bakhvalova, chief specialist expert of the Department of Tax and Customs Tariff Policy of the Ministry of Finance of Russia, said that VAT from a discount can be included in expenses:

<если>the bill is discounted, then on the day of its presentation for redemption the discount must be calculated. Those organizations that distributed the discount evenly recognize the remainder of the discount in income, and those who decided to recognize it at once upon repayment - the entire discount on the bill. In the future, when receiving money on the bill of exchange, no income arises, and the face value minus the discount is the amount of the repaid loan.

Let's look at accounting for an interest-bearing bill using a specific example.

Example. Accounting for interest-bearing bills from receipt to maturity

/ condition / On March 15, 2013, Buratino LLC shipped oak boards worth RUB 3,300,000, including 18% VAT, for Zolotoy Klyuchik LLC. To secure payment, Zolotoy Klyuchik LLC issued its own interest-bearing bill, the nominal value of which is equal to the contract value of the goods - 3,300,000 rubles. The interest rate is 15%, interest is accrued from 03/16/2013. The payment deadline is “on presentation, but not earlier than April 10, 2013.” The bill was presented for redemption on April 10, 2013. On April 10, 2013, money in the amount of 3,335,260.27 rubles was received from the drawer to the current account, including 35,260.27 rubles. - interest on a bill. The refinancing rate during the circulation period of the bill is 8.25%.

/ solution / The following entries will be made in the accounting records of Buratino LLC.

Contents of operation	Dt	CT	Amount, rub.
As of the date of shipment (03/15/2013)
Revenue from sales recognized	62 “Settlements with buyers and customers”, subaccount “Settlements”	90 “Sales”, sub-account “Revenue”	3 300 000,00
VAT charged on sales (RUB 3,300,000 / 118 x 18)	90, subaccount “VAT”	68 “Calculations for taxes and fees”, subaccount “VAT”	503 389,83
As of the date of receipt of the bill (03/15/2013)
Buyer's own bill received		62, sub-account “Calculations”	3 300 000,00
At the end of the month (03/31/2013)
Interest accrued for March (RUB 3,300,000 x 0.15 / 365 days x 16 days)		91 “Other income and expenses”, subaccount “Income”	21 698,63
On the date of presentation of the bill for payment (04/10/2013)
Interest accrued for April (RUB 3,300,000 x 0.15 / 365 days x 10 days)	62, subaccount “Interest on bill of exchange”	91, subaccount “Income”	13 561,64
On the date of receipt of money on the bill (04/10/2013)
Payment on bill received	51 “Current account”	62, subaccount “Bills received”	3 300 000,00
Payment on bill received	51 “Current account”	62, subaccount “Interest on bill of exchange”	35 260,27
VAT charged on interest (RUB 35,260.27 – (RUB 3,300,000 x 8.25% / 100% / 365 days x (16 days + 10 days)) x 18% / 118%)	91, subaccount “Other expenses”	68, subaccount “VAT”	2 420,41

OPTION 2. Transfer of a bill of exchange by endorsement (in payment for purchased goods or under a sales contract)

A bill of exchange can be transferred to another bill holder by placing an endorsement on the back - endorsement pp. 11, 77 Regulations on bills of exchange and promissory notes, approved. Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated 08/07/37 No. 104/1341 (hereinafter referred to as the Regulations). When transferring a bill of exchange, it is useful to draw up an act of acceptance and transfer of the bill of exchange, which will be your primary document to reflect this transaction.

An approximate form of the bill of exchange acceptance certificate is given:

Therefore, along with information about the bill of exchange, the act must indicate the required details for primary documents Art. 9 of the Law of December 6, 2011 No. 402-FZ. It is also necessary to indicate the basis for the transfer of the bill of exchange - the number and date of the purchase and sale agreement of the bill of exchange or the agreement for which the bill of exchange is transferred as payment.

VAT

When transferring a bill of exchange by endorsement, the obligation to calculate VAT on the amount of interest (discount) does not arise.

At the same time, the Russian Ministry of Finance believes that in the event of a change in the holder of the bill, the bill is sold. Letters of the Ministry of Finance dated 03/21/2011 No. 03-02-07/1-79, dated 03/04/2004 No. 04-03-11/30. And this is a VAT-free transaction subp. 12 clause 2, clause 4 art. 149 Tax Code of the Russian Federation Therefore, there is a need to maintain separate accounting of input VAT clause 4 art. 170 Tax Code of the Russian Federation. After all, you can deduct only that input VAT that relates to transactions subject to this tax.

FROM AUTHENTIC SOURCES

DUMINSKAYA Olga Sergeevna

Advisor to the State Civil Service of the Russian Federation, 2nd class

“A bill refers to a security Art. 143 Civil Code of the Russian Federation. When a bill of exchange is transferred by endorsement, ownership of it is transferred, that is, it is sold clause 1 art. 39 Tax Code of the Russian Federation. Sales of securities are not subject to VAT subp. 12 paragraph 2 art. 149 Tax Code of the Russian Federation. The first bill holder is obliged to keep separate records of VAT amounts for goods (works, services) that are used in taxable and non-taxable transactions. clause 4 art. 149, paragraph 4 of Art. 170 Tax Code of the Russian Federation” .

To do this, you will have to separately “collect” VAT on goods (works, services) on subaccounts to account 19 Letters of the Ministry of Finance dated 06.06.2005 No. 03-04-11/126; Federal Tax Service dated May 27, 2009 No. 3-1-11/373@:

intended for taxable activities. Such VAT can be deducted;
intended for non-taxable activities. Such VAT is immediately included in the cost of goods (work, services);
used simultaneously for taxable and non-taxable activities (mainly VAT on so-called general business expenses). At the end of the quarter, this VAT will need to be divided into the tax accepted for deduction and the tax included in expenses.

A part of the “total” VAT is accepted for deduction in the amount determined by the formula:

The remaining “general” VAT must be written off as general business expenses.

More information about whether it is possible not to divide the input VAT when paying with bills of exchange is written:

Of course, if, in addition to the sale of the bill of exchange, you have no other non-taxable transactions, then there is a possibility that the costs associated with the sale of the bill of exchange (which include the cost of the bill of exchange on account 62, the services of appraisers, consultants related to the sale of the bill of exchange and rendered in that the same quarter when the bill of exchange was transferred) will not exceed 5% of the total costs associated with the sale of products (works, services). Then the entire input VAT on general business expenses can be deducted from clause 4 art. 170 Tax Code of the Russian Federation.

To use the “five percent” rule, add the following provisions to your accounting policies:

the organization uses the “five percent” rule;
When applying the “five percent” rule, the organization determines the amount of general business expenses attributable to non-taxable transactions in proportion to the share of direct expenses for these operations in the total amount of expenses associated with sales.

Then, when selling a bill of exchange or transferring it as payment, such provisions of the accounting policy will make it possible not to maintain separate accounting if the following condition is met:

At the same time, there is a point of view that general business expenses are in no way related to bill payments, therefore all input VAT on them relates to taxable transactions. It turns out that there is nothing at all included in the “general” VAT and there is simply nothing to distribute. This point of view is shared by some courts, but adhering to it, disputes with the tax authority cannot be avoided. Resolution of the Federal Antimonopoly Service UO dated April 16, 2009 No. F09-1423/09-S2; FAS MO dated 09.09.2010 KA-A40/9055-10; FAS NWO dated 02/03/2011 No. A56-14617/2010.

Moreover, some courts do not recognize the transfer of a bill of exchange in payment for goods (work, services) as a sale and believe that separate accounting in this case is not necessary at all. Resolutions of the Federal Antimonopoly Service dated April 19, 2011 No. A65-14950/2010, dated July 23, 2009 No. A55-18702/2008.

Accounting

When transferring a bill of exchange under endorsement, you reflect as part of other income:

<если>the bill of exchange is being sold - the contractual value of the bill of exchange being sold;
<если>the bill of exchange is transferred in payment for goods (work, services) - the contractual value of the goods paid for by the bill of exchange.

And the following should be written off as other expenses:

the debt of your buyer who transferred the bill to you;
accrued interest or discount on a bill.

Let's consider how to reflect the transaction of transferring a bill of exchange in payment for goods, work, and services.

Example. Accounting for the transfer of bills of exchange for payment of goods

/ condition / Let's use the conditions of the previous example, changing them slightly. The bill of exchange was transferred as payment for purchased goods on April 5, 2013. The contractual value of the goods was RUB 3,329,000.

/ solution / The following entries need to be made in accounting.

Do not forget that by transferring a bill of exchange by endorsement, the former holder of the bill becomes a potential joint and several debtor under it. This means that the last holder of the bill, having not received payment on the bill from the drawer, has the right to bring a claim against all or one endorser in part or in full. pp. 47, 48, 77 Provisions. The statute of limitations for bringing a claim against the endorser is 1 year from the date of payment specified in the bill of exchange. pp. 70, 77 Provisions.