Interest on loans for fixed assets. Whether to include interest on loans in the initial cost of fixed assets
Svetlana Knyazeva, UNP expert
At seminars on tax issues, our experts have repeatedly heard from the lips of different lecturers such a recommendation: the interest on a loan taken to purchase a fixed asset should not be taken into account in the initial cost of the object, but in non-operating income. We believe that one cannot take such a categorical approach to accounting for interest on a loan for the purchase of fixed assets. After all, the Tax Code still allows for variability.Option one: apply a special rule of code
The position of the lecturers, apparently, is based on the explanations of the Ministry of Finance of Russia. They are given in a letter from. It says that interest on a loan is taken into account under Articles 269 and 265 of the Tax Code. That is, interest costs must be normalized, and then written off as non-operating expenses, and it is impossible to increase the initial cost of objects by the amount of interest.
According to officials, this accounting approach is methodologically correct. Indeed, the interest on the loan is not related to the acquisition of property, but is a kind of payment for the right to use borrowed funds.
Option two: we include everything in the initial cost
Indeed, the procedure for accounting for interest is established in article 269 of the Tax Code. But in the Tax Code there is another norm, according to which you can also take into account the interest on a loan for the purchase of fixed assets.
Article 257 of the Tax Code of the Russian Federation says that the initial cost of fixed assets is formed on the basis of all expenses associated with their acquisition. And if the loan was taken to acquire property, then until the fixed asset is put into operation, interest can be included in the initial cost of the object. Moreover, the Tax Code allows companies to independently choose the procedure for accounting for costs, which can equally be attributed to several groups of expenses at the same time (Clause 4, Article 252 of the Tax Code of the Russian Federation).
Looking for benefits
On the one hand, the procedure recommended by the Ministry of Finance of Russia is beneficial for companies - they will be able to write off interest on the loan at a time (although within the limits) and thereby reduce the profit tax for the current period. But, on the other hand, in this case, the bookkeeping department will have to keep a record of differences according to RAS 18/02 “Accounting for Profit Tax Calculations”. Indeed, in accounting, interest forms the initial cost of objects (paragraphs 23, 30 of PBU 15/01 “Accounting for loans and credits and the costs of their maintenance”).
If, in tax accounting, interest on a loan is included in the initial cost, then differences in PBU 18/02 can be avoided. Of course, in this case, the income tax of the current period will be more. But then the company will receive in the future a kind of compensation in the form of a larger amount of depreciation.
The fact is that interest on the use of credit funds can be included in the initial cost of a fixed asset without taking into account the standards provided for in article 269 of the Tax Code of the Russian Federation. After all, only interest is limited, which are taken into account as part of non-operating expenses. This follows from subparagraph 2 of paragraph 1 of Article 265 of the Tax Code. Only in this norm of the code is there a link to article 269 of the Tax Code. While article 257 of the Tax Code does not say that the costs included in the cost of fixed assets should be taken into account in accordance with the standards.
Differences in accounting for interest on a loan for the acquisition of fixed assets exist not only between accounting and tax accounting. Regulatory Documaccounting officers also provide a selection of interest accounting options.
A.Yu. Larichev, expert of "UNP"
Example.
On March 1, 2003, the organization received a loan from the bank for a period of two months (from March 1 to April 30) for the purchase of a woodworking machine. The size of the loan is 240,000 rubles, the interest rate for using the loan is 25 percent per annum. The interest on the loan is accrued and paid at the end of each month.
On March 31, the organization acquired the machine for 270,000 rubles, including VAT - 45,000 rubles. On the same day it was put into operation.
The following entries must be made in the accounting of the organization.
March 1, 2003:
Debit 51 Credit 66
- 240,000 rubles. - received a loan.
March 31, 2003:
Debit 08 Credit 60
- 225 000 rub. - reflects the debt to the seller for the payment of the machine;
Debit 19 Credit 60
- 45 000 rub. - the amount of VAT has been taken into account;
Debit 60 Credit 51
- 270,000 rubles. - paid fixed asset.
Interest accrued before the fixed asset is recorded is included in its value. This is the requirement of paragraph 8 of PBU 6/01 "Accounting for fixed assets". A similar requirement is contained in paragraph 30 of PBU 15/01 “Accounting for loans and credits and the costs of their servicing”.
The difference between the requirements of these documents is that the last PBU requires that interest be included in the cost of the fixed asset, calculated not until the moment of capitalization, but before the 1st day of the month following the month of acceptance of the fixed asset for accounting. Therefore, it is better for the organization to fix the procedure for calculating interest in its accounting policies.
In our example, the difference in the two accounting statements will not affect accounting, since the fixed asset was registered on the last day of the month:
Debit 08 Credit 66
- 5096 rub. (240 000 rub. 5 25% 5 5 31 days: 365 days) - interest is accrued before the machine is put into operation;
Debit 66 Credit 51
- 5096 rub. - interest paid;
Debit 01 Credit 08
- 230,096 rubles. (225 000 + 5096) - the machine was commissioned.
Interest accrued after acceptance of the fixed asset for accounting (or from the 1st day of the month following the month of acceptance of the fixed asset for accounting) is recognized as operating expenses (paragraph 11 of PBU 10/99 “Organization expenses”).
April 30, 2003:
Debit 91-2 Credit 66
- 4932 rub. (240 000 rub. 5 25% 5 5 30 days: 365 days) - interest on the loan was accrued;
Debit 66 Credit 51
- 4932 rub. - interest paid.
Let's move on to tax accounting of interest. In it, all interest, regardless of the time of accrual — before or after the fixed asset is registered — is written off as non-operating expenses (subparagraph 2, paragraph 1, article 265 of the Tax Code of the Russian Federation).
Now about the amount of interest that can be taken into account (Article 269 of the Tax Code of the Russian Federation). An organization may take into account all accrued interest, provided that their size does not deviate significantly from the average level of interest charged on debt issued in the same quarter (the month if the organization pays monthly advance payments on actual profits) on comparable terms.
If there are no such liabilities or at the request of the organization, the maximum interest on the debt in rubles, which can be taken into account when taxing profit, is determined as the Bank of Russia at the date of receipt of borrowed funds, increased 1.1 times (paragraph 5.4.1 of the methodology for income tax). Suppose that in our example, the organization uses the second option for tax accounting of interest.
A few words about the period of interest accounting. If a loan or credit is taken for more than one reporting period, interest expenses are recognized at the end of the corresponding reporting period (Clause 8, Article 272 of the Tax Code of the Russian Federation).
In our example, the organization will include in expenses:
March 31, 2003 - 4,709 rubles. (240 000 rub. 5 (21% 5 1,1) 5 31 days / 365 days);
April 30, 2003 - 4,557 rubles. (240,000 rubles 5 (21% 5 1.1) 5 30 days / 365 days).
Excessive costs of 762 rubles. ((5096 + 4932) - - (4709 + 4557)) for tax purposes are not accepted (paragraph 8 of article 270 of the Tax Code of the Russian Federation).
For information
If your organization took an interest-free loan and you were advised to calculate the income in the form of unpaid interest at the refinancing rate and tax it with income tax, do not rush to do so.
The tax authorities argue their position on this issue by the fact that obtaining an interest-free loan is nothing but receiving a service free of charge, which means that income from this is subject to income tax (paragraph 8 of article 250 of the Tax Code of the Russian Federation).
However, for tax purposes, providing a loan is not a service. According to paragraph 5 of Article 38 of the Tax Code, a service is an activity whose results are realized and consumed in the process of its implementation. Obviously, obtaining an interest-free loan does not fit this definition, since nothing is consumed (for more details, see the article "Free of charge, but not for nothing" on page 9 of "UNP" No. 26, 2002).
Interest on loans for the purchase of fixed assets is accounted for in a special manner.
Interest on loans attracted for the acquisition of fixed assets is not included in their initial cost, but should be accounted for as non-operating expenses. This was reminded by the tax authorities in a letter dated September 29, 2014 No. ГД-4-3 / 19855.
The initial cost of a fixed asset is defined as the sum of the costs of its acquisition, construction, manufacture, delivery and bringing to a state in which it is suitable for use. In this case, the amounts of VAT and excise taxes are excluded from the composition of these expenses (Clause 1, Article 257 of the Tax Code of the Russian Federation).
For the purposes of taxation of profit, the initial cost of a fixed asset is recognized as an expense through depreciation. The initial cost of a fixed asset may change during its completion, retrofitting, reconstruction, modernization, technical re-equipment, partial liquidation, and for other similar reasons (Clause 2, Article 257 of the Tax Code of the Russian Federation). All these expenses are accounted for in the initial cost (changed initial cost) of the fixed asset and are charged to expenses when calculating income tax also through depreciation.
The issue of accounting for interest on loans allocated for the purchase or construction of fixed assets (for example, the construction of real estate or the purchase of equipment requiring installation) remains relevant so far.
Organizations (individual entrepreneurs) often attract loans and borrowings to acquire fixed assets. The issue of accounting for interest on loans allocated for the purchase or construction of fixed assets (for example, the construction of real estate or the purchase of equipment requiring installation) remains relevant so far.
In earlier letters, officials repeatedly indicated that the interest on such loans is included in non-operating expenses and that the initial cost of fixed assets is not increased (letters of the Ministry of Finance of Russia dated 11.07.2013 No. 03-03-06 / 1/21757, dated 6.12.2011 No. 03-03-06 / 1/808, UFNS of Russia for the city of Moscow dated 2.09.2008 No. 20-12 / 083116).
In a new letter, the tax authorities noted that a special procedure was established in the Tax Code to account for expenses in the form of interest and loans. Interest on debt obligations of any kind relates to non-operating expenses (subparagraph 2, paragraph 1 of article 265 of the Tax Code of the Russian Federation, paragraph 6 of article 271, paragraph 8 of article 272 of the Tax Code of the Russian Federation), taking into account the specifics provided for in article 269 of the Tax Code. Their inclusion in the cost of fixed assets is not consistent with the norms of tax legislation.
Based on this, the Federal Tax Service of Russia once again indicated that interest on loans received for the acquisition of fixed assets is not taken into account in the initial cost (changed value) of depreciable property. They should be included in the non-operating expenses of the organization.
How to form the initial cost of fixed assets in tax and accounting, specify in Berator, Recruit
STS: acquisition of fixed assets at the expense of borrowed funds (Sukhanova E.)
Date of publication of the article: 09/14/2013
When calculating the single tax, “simplists” who have chosen the appropriate object of taxation are entitled to take into account only a limited list of expenses. But it contains both the interest on loans and borrowings, as well as the cost of acquiring fixed assets. Meanwhile, the initial cost of fixed assets in the simplified tax system is formed according to the accounting rules, according to which interest on a loan may be included in it ...
“Simplifiers” with the object of taxation “income minus expenses” recognize in the tax accounting expenses listed in paragraph 1 of Art. 346.16 of the Tax Code. Under paragraphs 1 it indicates the cost of acquiring fixed assets, and under paragraphs. 9 - interest paid for the provision of the use of funds (loans, loans). But to what type of expenses should the corresponding interest be attributed if the loan was received just for the purpose of purchasing the OS?
OS acquisition costs
Under the fixed assets on the simplified tax system are understood OS recognized as depreciable property in accordance with the provisions of Sec. 25 of the Tax Code (Clause 4 of Article 346.16 of the Tax Code). Therefore, firstly, we are talking about a part of the property used as a means of labor for the production and sale of goods (work, services) or to manage an organization with an initial value of more than 40,000 rubles. (Clause 1, Article 257 of the Tax Code). Secondly, it should belong to the taxpayer on the basis of ownership, be used to generate income and have a useful life of at least 12 months (paragraph 1 of article 256 of the Tax Code).
When acquiring fixed assets directly during the period of application of the simplified tax system, their cost is included in expenses from the moment the facility is commissioned (filing documents for registration of property rights, if required) and is taken into account during the tax period, i.e., year, in equal shares for reporting periods (p 3 article 346.16 of the Tax Code). The recognition of such expenses assumes that they are accepted for accounting on the last day of the reporting (tax) period in the amount of the amounts paid. Thus, as representatives of the Ministry of Finance explain, a taxpayer has the right to start writing off the value of fixed assets acquired during the application of the simplified tax system from the reporting period when the last of two conditions is fulfilled: commissioning or payment of fixed assets. Moreover, if it comes to real estate, you will have to wait for the fulfillment of the third condition, namely the submission of documents for state registration of rights to an immovable property (Letter of the Ministry of Finance of Russia dated April 15, 2009 N 03-11-06 / 2/65, dated 6 June 2008 N 03-11-05 / 142, Federal Tax Service of Russia dated March 31, 2011 N KE-3-3 / 1003).
Interest on cash
Paragraph 2 of Art. 346.16 of the Tax Code provides that interest expenses on loans and credits are accepted for accounting on the simplified tax system in the manner prescribed for payers of income tax. In other words, in this case, “simplists” must be guided by Art. 269 \u200b\u200bof the Code, and therefore, in order to calculate the single tax, interest paid on loans and borrowings are subject to rationing.
Article 269 of the Tax Code offers taxpayers a choice of two ways to determine the limit on the recognition of interest on expenses.
The first assumes that the calculation of the maximum amount of interest taken into account in taxation is based on the average level of interest on comparable loans of one quarter (the deviation should not exceed 20% in one direction or another).
The second prescribes to focus on the Bank of Russia refinancing rate, increased by a certain coefficient. So, if we are talking about interest on a debt obligation denominated in rubles, then the limit on recognition of their amount in expenses before the end of the current year is determined based on the Bank of Russia rate increased by 1.8 times, and on foreign currency loans and borrowings - based on Bank of Russia rate multiplied by a factor of 0.8 (Clause 1.1, Article 269 of the Tax Code).
Any one of the proposed methods the taxpayer has the right, the main thing is to fix it in the accounting policy. Another thing is that in the absence of comparable loans, one will have to rely on the Bank of Russia refinancing rate.
In the book of income and expenses, expenses in the form of interest on loans are recognized at the date of payment, unless, of course, at this point they can be considered implemented. In other words, two conditions must be met: the billing period for which interest is accrued must be ended and the debt settled.
Interest on the loan and investment asset
The initial value of the fixed asset created or acquired after the transition to the “simplified system” is formed according to the accounting rules (clause 3 of article 346.16 of the Tax Code, clause 3.10 of the Procedure for filling out the book of accounting for income and expenses on the simplified tax system, approved by the Order of the Ministry of Finance of Russia of October 22 2012 N 135n). According to paragraph 8 of PBU 6/01 "Accounting for fixed assets" it consists of the actual costs of the acquisition, construction and manufacture, with the exception of value added tax and other recoverable taxes. At the same time, the interest on the loan is not named among them, but it is mentioned that the cost of the fixed asset can include “other costs” directly related to its purchase or manufacture.
In its turn, PBU 15/2008 “Accounting for expenses on loans and credits” (approved by Order of the Ministry of Finance of Russia of October 6, 2008 N 107н) expressly stipulates that the interest due to the lender directly related to the acquisition of the investment asset is included in its original cost (paragraph 7 of PBU 15/2008). An object is recognized as such in respect of which two conditions are simultaneously satisfied:
- preparation of the object for use requires a long time;
- the acquisition, construction and (or) manufacturing of an object requires significant costs.
Note! Small businesses are allowed to independently choose the procedure for accounting for expenses on loans: either in the cost of the investment asset, or as part of other expenses (paragraph 7 of PBU 15/2008).
What terms should be considered "long", and the costs are "substantial", the PBU has not been deciphered. The relevant criteria for the business entity must be developed independently and fixed in the accounting policy. Thus, an investment asset may also be recognized as a fixed asset. And interest on a loan or credit spent on the acquisition of fixed assets are included in the cost thereof if the following conditions are met:
- the costs of the acquisition, construction and (or) manufacture of an investment asset are recognized in accounting;
- borrowing costs associated with the acquisition, construction and (or) manufacture of an investment asset are subject to recognition in accounting;
- work has begun on the acquisition, construction and (or) manufacture of an investment asset (paragraph 9 of PBU 15/2008).
Among other things, this means that in the OS price you can include only the interest that was paid before its commissioning or the actual use in the business. Amounts of interest that are not transferred to the value of an item of property, plant and equipment are written off as part of other expenses.
Between two options
In a letter dated June 11, 2013, representatives of the Ministry of Finance of Russia indicated that interest on loans and borrowings, even if received and spent on the acquisition of fixed assets, should still be taken into account in the simplified tax system in accordance with paragraphs. 9 p. 1 art. 346.16 of the Tax Code. Among other things, this means that it is possible to take them into account only within the limits of the norms established by Art. 269 \u200b\u200bof the Code.
At the same time, speaking about the interest paid by the “simplified person” in connection with the purchase of fixed assets by installments, the financial department experts prescribe to include them in the cost of fixed assets and write them off in accordance with paragraphs 1 and 3 of Article 346.16 of the Tax Code (Letters of the Ministry of Finance of Russia dated June 30, 2011 N 03-11-06 / 2/101, dated July 2, 2010 N 03-11-11 / 182). Recall that installment is a type of commercial loan (paragraph 1 of article 823 of the Civil Code). Meanwhile, as officials point out, in accordance with paragraph 23 of the Regulation on Accounting and Reporting (approved by Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n), the actual costs incurred in assessing the property include, in particular, the costs of its acquisition , including interest paid on a commercial loan provided upon acquisition of fixed assets. Similar conclusions are contained in the Letter of the Federal Tax Service of Russia dated February 6, 2012 N ED-4-3 / 1818.
Such a different approach to acquiring fixed assets by installments and at the expense of borrowed funds can perhaps be explained only by the fact that on the basis of paragraphs. 9 p. 1 art. 346.16 of the Tax Code takes into account the interest paid for the provision for use of funds (loans, loans). Meanwhile, with a commercial loan, in particular by installments, the taxpayer does not receive direct funds for use. Therefore, this norm of the Tax Code is not applicable in this case.
Interest is a fee for using a loan (loan)<*> .
An organization may attract loans (loans), including for settlements for investment assets.
In a special order, interest on loans (loans) received for the acquisition (creation) is taken into account:
- fixed assets (OS);
- intangible assets (intangible assets);
- investment property (IN).
———————————
<*\u003e Subject to the restrictions established for interest on debt obligations (Articles 131-1 of the Tax Code).
Explanations
In accounting:
Interest on the use of credit (loan) accrued:
- before the objects are accepted for accounting as investment assets, their initial value is formed on account 08 “Investments in long-term assets”;
- after, - are charged to expenses related to financial activities and are accounted for on account 91 “Other income and expenses”<*> .
Since interest is accrued for each day of using the loan, we believe that on the date of acceptance of the object for accounting as fixed assets, intangible assets, financial instruments, the amount of interest for using the loan on this day should be calculated and included in the price of this object<*> . For example, interest for using a loan is accrued from June 1 to June 30. The facility was accepted for accounting as OS on June 15. Interest accrued from June 1 to June 15 should be included in the cost of fixed assets.
When taxing profits:
1) interest charged to account 08 and included in the cost of fixed assets, intangible assets, investment income, at the time of accrual, are not taken into account when taxing profits<*> .
These percentages can be taken into account when taxing profits in costs as part of accrued depreciation in the manner prescribed by law<*> ;
2) interest on loans received for the acquisition of fixed assets, intangible assets, investment income reflected in account 91 are taken into account in the taxation of profits as expenses<*> .
Not counted for taxation of interest, interest that:
- accrued on overdue loans (loans)<*> .
- accrued on loans (credits) used to purchase investment assets that will not be used in business<*> .
We believe that if interest on overdue loans (loans) are included in the initial cost of objects, then depreciation on such objects can be fully attributed to costs, accounted for when taxing profits. In this case, it is necessary to comply with the restrictions on inclusion in the costs established for depreciation, namely: objects should be used in entrepreneurial activity, while the OS is in operation<*> .
- accrued on loans that are controlled debt <*> . The need to remove them from the costs may arise at the organization at the end of the year.
For the amount of expenses that are reflected in accounting, but are not taken into account when taxing profits, arises constant difference and its related ongoing tax liability. This accounting difference is not reflected.<*> .
Example
The organization took a bank loan in Belarusian rubles in the amount of 50,000 rubles. for the acquisition of production equipment for a period of 24 months with a deferred payment of the principal debt of 6 months.
In September, the amount of 50,000 rubles. entered the organization’s account and in the same month it was transferred to the equipment supplier. In October, equipment was received and accepted for accounting as a fixed asset.
The interest on the loan amounted to (conditionally):
- for September - 415 rubles;
- for October - 420 rubles, including 200 rubles. accrued before the acceptance of equipment for accounting as OS, 220 rubles. - after accepting the equipment for accounting as an OS.
Wiring | Amount, rub. | Contents of operation |
September entries | ||
D 51 - Kt 67-1 | 50000 | Reflected loan |
D-60 - K-51 | 50000 | Reflected payment to the supplier for the equipment |
Dt 08-1 - Kt 67-3 | 415 | Interest for using a loan in September is reflected |
October Entries | ||
Dt 08-1 - Kt 60 | 50000 | Reflected receipt of fixed assets |
Dt 08-1 - Kt 67-3 | 200 | Reflected interest for October accrued before the equipment was accepted for accounting as OS |
Dt 01 - Kt 08-1 | 50615 | The equipment was taken into account as an OS and put into operation (50,000 + 415 + 200) |
D 91-4 - Kt 67-3 | 220 | Reflected interest for October accrued after the equipment was accepted for accounting as OS |
In the income tax return percentages are reflected in the cost structure (indicator of line 2 of section I) in the amount of 220 rubles.