Since 1 July 2017 regional subsidies for agriculture are subject to VAT
Источник: The DairyNews
Since 1 July 2017 amendments to article 170 of the Tax code of the Russian Federation come into force, reports The DairyNews.
According to the Russian tax portal, under subitem 6 of item 3 of article 170 TC of the Russian Federation in edition of the Federal law, the tax amounts accepted for deduction by the taxpayer on goods (works, services), including fixed assets and intangible assets, property rights are to be reversed in the case of the taxpayer receives subsidies for reimbursement of expenses (including tax from the budgets of).
Thus recipients of regional and local subsidies need to restore VAT (when receiving subsidies for reimbursement of costs associated with payment of purchased goods (works, services), and also on compensation of expenses on payment of tax when importing goods to the territory of Russia, VAT earlier accepted for deduction is subject to restoration. Before VAT was subject to restoration only in the case that a subsidy was received from the Federal budget.
Read full article in Russian on DairyNews.ru
Thus recipients of regional and local subsidies need to restore VAT (when receiving subsidies for reimbursement of costs associated with payment of purchased goods (works, services), and also on compensation of expenses on payment of tax when importing goods to the territory of Russia, VAT earlier accepted for deduction is subject to restoration. Before VAT was subject to restoration only in the case that a subsidy was received from the Federal budget.
Read full article in Russian on DairyNews.ru
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