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Tax accounting of interest paid to a non-resident on a received loan (credit) has certain subtleties, that distinguish it from the same for two residents – this occurs due to the fact that accounting for an “internal” loan is regulated exclusively by P (C) BU, while differences in accounting for a foreign loan may apply according to Art. 140 of the Tax Code of Ukraine (TCU).
WHAT IS THE DIFFERENCE?
The difference is the amount by which the financial result before corporate income tax increases or decreases depending on the occurrence of circumstances determined by the TCU.
UNDER WHICH CONDITIONS DOES A DIFFERENCE ARISE?
If the amount of debt to non-residents – related parties exceeds your own capital more than 3.5 times, then the percentage difference defined in paragraph 140.2 of Art. 140 TCU shall be used.
HOW TO CALCULATE the difference?
Without giving too complicated and incomprehensible wording of the TCU, we suggest using the following formula:
Sr = Si — Tl, where
Sr — the amount of the increase in the financial result before taxation,
Si — the sum of percent of the reporting period.
Tl — tax limit;
Tl = 0,5 * (Fr + C + A), where
Fr — financial result before taxation of the reporting period,
С — financial expenses of the reporting period,
A — depreciation expenses of the reporting period.
Interest, that exceeded the tax limit and which increased the financial result before taxation, reduce the financial result before tax by 5% of the unaccounted interest amount annually as it will be observed in future tax reporting periods.