ACCOUNTING AND DISCLOSURE IN THE ANNUAL FINANCIAL STATEMENTS OF ENTERPRISES OF THE TAX DUE

Abstract

The operations of enterprises under contemporary market conditions are accompanied by charging and payment of different taxes in terms of type and amount. Tax is a method of collection of funds necessary for the government. The government adopts tax laws and defines the amount of the taxes payable by taxpayers – natural persons and legal entities (enterprises). Through its authorities (the National Revenue Agency, the National Social Security Institute, the Customs General Directorate, the Local Taxes and Charges Directorate, etc.), in its capacity of sole tax creditor, it applies authoritative control methods and oversees for the enterprises’ tax payables to be truly and fairly posted in the accounting books, to be settled within the statutory time periods and to be disclosed in the enterprise’s financial statements. It supervises the timely registration of taxpayers and the legal spending of funds it allocates to enterprises in the form of preferential taxes and subsidies aimed at solving socioeconomic and other issues. The main tasks of the governmental revenue authorities and the local tax administration are to ensure the stability of tax legislation, to guarantee the fiscal collection and not to allo taxpayers’ violations ith regard to their tax payables. The main fiscal obligations of the enterprises are to pay the taxes they owe in timely manner and within the statutory time periods and to keep strict accounting of gained revenue, spent costs and charged taxes