Small loan companies can enjoy VAT concessions.
1 Interest income of farmers' small loans is exempt from VAT.
Document No.48 stipulates that from 20 17 65438+ 10 to 20 1 9 65438+February 3 1, the interest on small loans for farmers obtained by small loan companies approved by provincial financial management departments (financial offices, bureaus, etc.). Article 41 of the Measures for the Implementation of the Pilot Reform of Business Tax to VAT (Cai Shui [2016] No.36, hereinafter referred to as Document No.36) stipulates that taxpayers engaged in tax exemption or reduction projects shall separately account for the sales of tax exemption or reduction projects; If it is not accounted for separately, it shall not be reduced or exempted. Therefore, small loan companies should pay attention to separating the income exempted from VAT from taxable income, otherwise it will not be tax-free.
2. Accounting treatment of VAT exemption
Small loan companies should pay attention to the separation of price and tax, and convert it into income excluding value-added tax, and carry out corresponding accounting treatment according to the provisions of the Notice of the Ministry of Finance on Printing and Distributing the Provisions on Accounting Treatment of Value-added Tax (Cai Shui Zi [2016] No.22, hereinafter referred to as Document No.22).
For example, a small loan company earned interest income of 6,543,800 yuan from farmers' small loans. According to Document No.22, the accounting treatment of VAT is as follows:
Debit: bank deposit 100
Loan: income from main business is 94.34.
Taxes payable-VAT payable (output tax) 5.66
Borrow: Taxes payable-VAT payable (tax exemption) 5.66
Loan: non-operating income 5.66
3. Can small loan companies apply simple collection policy to VAT?
General taxpayers and small loan companies calculate and pay value-added tax according to the general tax method. The Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on Further Clarifying and Comprehensively Pushing Forward the Relevant Policies of the Pilot Financial Industry for the Reform of the Camp (Caishui [2016] No.46) stipulates that the income obtained from providing financial services by rural credit cooperatives, rural banks, rural mutual funds cooperatives, loan companies wholly sponsored by banking financial institutions, rural cooperative banks and rural commercial banks with legal persons below the county level may be subject to simple taxation. Small loan companies are not among the enterprises that can choose to apply simple collection as stipulated in the above documents, and their general taxpayers cannot adopt simple collection.
4. Can small loan companies declare VAT quarterly?
Article 47 of Annex I of Document No.36 stipulates that the tax payment period of 1 quarter is applicable to small-scale taxpayers, banks, finance companies, trust and investment companies, credit cooperatives and other taxpayers stipulated by the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China. Small loan companies are not among the above banks, finance companies and credit cooperatives, and ordinary taxpayers of small loan companies should declare value-added tax on a monthly basis instead of quarterly.
Small loan companies can enjoy preferential corporate income tax.
1 The interest income of farmers' small loans is written down by 90%.
Document No.48 stipulates that from 20 17 65438+ 10 to 20 1 9 65438+February 3 1, the interest on small loans for farmers obtained by small loan companies approved by provincial financial management departments (financial offices, bureaus, etc.). Note that the interest income of small loans refers to income excluding value-added tax, although it should be accurately accounted for and converted into income excluding tax.
2 loan loss reserve extraction problem
Document No.48 stipulates: loans from 201710 to 20191February 3 18 approved by provincial financial management departments (financial offices, bureaus, etc.) are subject to 60. The specific policies shall be implemented in accordance with the Notice of the Ministry of Finance of State Taxation Administration of The People's Republic of China on Relevant Policies for Pre-tax Deduction of Enterprise Income Tax for Loan Loss Reserves of Financial Enterprises (Cai Shui [2015] No.9, hereinafter referred to as Document No.9).
The calculation formula of loan loss reserve allowed to be deducted before tax this year is as follows:
Loan loss reserve allowed to be deducted before tax this year = loan asset balance allowed to be withdrawn from loan loss reserve at the end of this year × 1%- loan loss reserve balance deducted before tax at the end of last year.
For example, the loan balance of a small loan company at the end of 20 17 is 654.38 billion yuan, and the loan loss reserve is 2 million yuan according to the ratio of 2%. The reserve allowed to be deducted before enterprise income tax is 6,543,800 yuan, and another 6,543,800 yuan cannot be deducted, so the taxable income should be increased by 6,543,800 yuan. If the qualified loan loss is 3 million yuan, the loan loss reserve which has been deducted before tax should be 6,543,800 yuan, and the insufficient part of 2 million yuan can be deducted when the taxable income of the current year is actually calculated.
According to the provisions of Circular No.48 and Circular No.9, the result of calculating the loan loss reserve allowed for pre-tax deduction in the current year is negative, and the taxable income of the current year should be increased accordingly.
Specific requirements of small loans for farmers
1 What is a farmer?
Farmers refer to families who have lived for a long time (more than 1 year) in the administrative area of towns (excluding Chengguan Town), including families who have lived for a long time in the administrative villages under the jurisdiction of Chengguan Town, families whose household registration is not local but have lived there for more than 1 year, state-owned farm workers and rural individual industrial and commercial households.
Chengguan Town is a general name for the seat of county government in China, which means "county governance"; After the founding of New China, many counties in China took "Chengguan Town" as the official name of the county (county) administrative system.
2 What is microfinance?
Circular 48 stipulates that microfinance refers to a loan with a total balance of no more than 65,438+10,000 yuan. If a single loan does not exceed 654.38+10,000 yuan, but the total loan balance of the farmer exceeds 654.38+10,000 yuan, it is not a small loan and cannot enjoy relevant tax benefits such as exemption from VAT.
For example:
In case 1, farmer A borrows RMB 654.38+million from a microfinance company, which belongs to microfinance, while farmer B borrows RMB120,000 from a microfinance company, and a single loan exceeding RMB 654.38+million does not belong to microfinance;
In case 2, farmer A borrowed 90,000 yuan from a microfinance company in the first quarter, which belongs to microfinance. Without paying back the last loan, he borrowed another 80,000 yuan in the third quarter, so the loan balance exceeded 654.38+10,000 yuan, which was no longer a small loan.
In case 3, farmer A borrowed 90,000 yuan from a small loan company in the first quarter, which was a small loan. In the third quarter, he paid back 70,000 yuan first, and then borrowed 80,000 yuan, so the loan balance was 654.38+million yuan, or a small loan.
It is worth noting that Document No.48 was released on June 20 17. In the first quarter of 20 17, the interest income of small farmers' loans obtained by small loan companies met the tax exemption conditions, but it was paid. How to deal with it? According to document No.48, the value-added tax that should be exempted from the date of 20 17 1 to the date of issuance of this notice can be deducted from the value-added tax payable by taxpayers in the following months or refunded first.
Source: China Tax News.