Some small partners strongly demand to see the foreign trade export tax rebate process, then let’s meet today
1. Why is there an export tax rebate?
The state will return the value-added tax and consumption tax actually undertaken in the domestic production and circulation links before exporting the exported goods to the exporting enterprises after the goods are declared for export, so that the exported goods can enter the international market at a price excluding tax and avoid international double taxation. Because foreign countries will levy value-added tax and customs duties on the goods we sold in the past, the tax burden on our exports will be zero, so that even if foreigners levy a tax, we can compete fairly with foreign goods.
2. foreign trade enterprises export tax rebate process Similarly, for export, production enterprises should go through the process of exemption, credit and refund, while foreign trade enterprises are relatively simple. Generally, export is exempt from sales tax and input tax is refunded. There are also those who are exempt from tax, such as small-scale taxpayers who have no input tax, or whose own products are exempt from tax. There are also those products that are not allowed to be exported.
3. Business Process 1. After obtaining the right to operate foreign trade and the right to import and export from the customs, export tax refund (exemption) filing is required Record Form of Export Tax Refund
2. Obtain the declaration form, foreign exchange receipt and other documents, check the confirmation invoice, and enter the export tax rebate data declaration After obtaining the export tax refund declaration form and the input invoice and collecting the foreign exchange, the tax refund declaration data (export list, purchase list, summary declaration form, printing declaration form and generating declaration electronic data package) can be summarized and entered in the export tax refund declaration system.
3. The tax authorities obtain tax refund after examination.
4, accounting treatment Arriving at the last part, it is recorded (1) when purchasing goods (with special tickets) Borrowing: goods in stock Taxes payable-VAT payable (input tax) Credit: accounts payable (2) export goods income, according to the FOB price accounting Borrowing: Accounts Receivable Loan: Income from Main Business * Exports are exempt from export tax, excluding export tax. (3) carrying forward costs Borrowing: Cost of Main Business Credit: goods in stock (4) There is a difference in tax rates between collection and refund for exported goods, which needs to be transferred to cost.
Borrowing: Cost of Main Business Credit: taxes payable-vat payable (input tax transferred out) ⑤ Withdraw the export tax rebate. According to the “Regulations on Accounting Treatment of Value Added Tax” (Caikuai [2016] No.22), a first-level account of “Export Tax Rebate Receivable” is added to account for sales of export goods. VAT and consumption tax that should be returned and actually received shall be reported to the tax authorities in accordance with the regulations, replacing the original account of “Other Receivables-Export Tax Rebate Receivable”.
Borrowing: Receivable Export Tax Refund Credit: taxes payable-vat payable (export tax rebate) ⑥ Receive export tax refund Borrowing: bank deposit Credit: Export Tax Refund Receivable
Original Artical，Author：China Trade Agent，if repost，please give references ：https://offers-bg.com/foreign-trade-export-tax-refund/
