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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:

  • Correspondence G/L Entries
  • Correspondence Opening and Closing Balances
  • Closing Entries

Other Requirements:

  • Local Chart of Accounts (RAS)
  • Fixed Asset Acts
  • VAT Settlement Journal Entries
  • VAT Posting gross values
  • Credit Memos as corrections
  • Various Official Template Reports:
    • TORG-12, M-11, M-4 etc.
    • Cash In/Out
    • Act of Acceptance
    • Payment Invoice, Factura
    • Advance Statement
  • Official currency rate to be used for transactions
  • Inventory valuation according to last purchase price or market value – in many cases valuation according to IFRS can be accepted

VAT/Tax Requirements

Applicable types:

  • VAT (IVA)
  • Import VAT
  • VAT Settlement

VAT/Tax Books:

  • VAT Declaration (Декларация по НДС)
  • Property Tax Declaration (Имущество)
  • Profit Tax Declaration (Расчет налога на прибыль)
  • Transport Tax Declaration (Расчет транспортного налога)
  • Electronic VAT Ledger purchases (Citi Compras)

VAT/Tax Documents:

  • Government Official templates

Other Requirements:

  • VAT of prepayment accounted in specific ways

Usual Business Requirements

  • E-Banking files
  • E-Bank Statement reconciliation

Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.

DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.