RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS AND MINISTRY OF TAXES AND TAX COLLECTION OF THE REPUBLIC OF BELARUS

of May 3, 2008 No. 78/49

About approval of the Instruction about procedure for reflection in financial accounting and the taxation of goods exchange transactions and about recognition No. 77/63 which voided the order of the Ministry of Finance of the Republic of Belarus and the State Tax Committee of the Republic of Belarus of April 6, 1999

Based on the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585 "Questions of the Ministry of Finance of the Republic of Belarus" and the Regulations on the Ministry of Taxes and Tax Collection of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1592 "Questions of the Ministry of Taxes and Tax Collection of the Republic of Belarus" the Ministry of Finance of the Republic of Belarus and the Ministry of Taxes and Tax Collection of the Republic of Belarus DECIDE:

1. Approve the enclosed Instruction about procedure for reflection in financial accounting and the taxation of goods exchange transactions.

2. Declare invalid the order of the Ministry of Finance of the Republic of Belarus and the State Tax Committee of the Republic of Belarus of April 6, 1999 No. 77/63 "About approval of the Regulations on procedure for reflection in financial accounting and the taxation of goods exchange transactions" (The national register of legal acts of the Republic of Belarus, 1999, No. 37, 8/274).

3. This resolution becomes effective from the date of its official publication.

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus and the Ministry of Taxes and Tax Collection of the Republic of Belarus of May 3, 2008 No. 78/49

The instruction about procedure for reflection in financial accounting and the taxation of goods exchange transactions

1. The instruction about procedure for reflection in financial accounting and the taxation of goods exchange transactions (further - the Instruction) is developed according to the resolution of Council of Ministers of the Republic of Belarus of March 24, 1999 No. 405 "About questions of pricing when carrying out goods exchange transactions" (The national register of legal acts of the Republic of Belarus, 1999, No. 26, 5/461), the Standard chart of accounts of financial accounting and the Instruction for application of the Standard chart of accounts of financial accounting approved by the resolution of the Ministry of Finance of the Republic of Belarus of May 30, 2003 No. 89 (The national register of legal acts of the Republic of Belarus, 2003, No. 104, 8/9975), and determines procedure for reflection in financial accounting and the taxation of economic activities by movement of assets and liabilities in case of goods exchange transactions.

2. The basis for records in financial accounting are the documents certifying shipment and goods receipt, accounts marked "Without payment" and also documents for payment of the expenses connected with carrying out goods exchange transactions.

3. When making goods exchange transactions the method of determination of proceeds from sales of goods in process of shipment of goods and presentation to the buyer of settlement documents is used. Reflection on the credit of accounts of realization and determination of financial results on these transactions is made on book price of goods exchange transaction.

In process of shipment the cost of the goods shipped to the account of goods exchange transaction is reflected on the debit of account 62 "Settlings with buyers and customers" in correspondence with the credit of accounts 90 "Realization" or 91 "Operating incomes and expenses" in the amount of book price of goods exchange transaction on shipping date of goods. At the same time in the debit of accounts 90 "Realization" or 91 "Operating incomes and expenses" is written off actual cost (purchase value, residual cost) of shipped goods in correspondence with the credit of the corresponding accounts of these goods: 01 "Fixed assets", 08 of "Investment in non-current assets", 10th "Materials", 41 "Goods", 43rd "Finished goods" and others.

In case of goods receipt instead of shipped goods "Investments in non-current assets", 10th "Materials", 41 "Goods" and others in correspondence with account 60 credit "Settlings with suppliers and contractors" are debited account 07 "The equipment to installation", 08. At the same time receipt of the arrived goods is made proceeding from the cost of shipped goods.

4. If the agreement providing execution of monetary commitments is signed, but its conditions providing further implementation of complete or partial calculation in commodity form change, the method of determination of proceeds from sales of goods in process of their shipment is used. At the same time accounting of realization and determination of financial results is made on book price of the goods exchange transaction created according to the resolution of Council of Ministers of the Republic of Belarus of March 24, 1999 No. 405.

In process of shipment the actual production cost of shipped goods is written off in the debit of account 45 "The goods shipped" to correspondence with the credit of the corresponding accounts of goods: 10th "Materials", 41 "Goods", 43rd "Finished goods" and others. For signature date of changes of conditions of contract settlements debit entry of account 60 "Settlings with suppliers and contractors" in correspondence with the credit of accounts 90 "Realization" or 91 "Operating incomes and expenses" is made.

5. In case of preliminary goods receipt their receipt is reflected in financial accounting on the debit of the corresponding accounts of goods in correspondence with account 60 credit "Settlings with suppliers and contractors" at the cost of the goods intended for shipment instead of the received goods.

In case of change at the time of shipment of cost of the shipped goods it is necessary to specify the cost of the arrived goods. Change in financial accounting of cost of the arrived goods is made by the following records:

on the amounts of value addition of goods - on the debit of accounts of goods and the credit of accounts of calculations;

on the amounts of reduction of cost - stornirovochny debit entry of accounts of goods and to the credit of accounts of calculations.

In case of use of the arrived goods on production (works, services) or their realization on the party in the current year and for last years additional or stornirovochny debit entry of costs accounts on production (works, services), sales of products (works, services) and to the credit of accounts of the arrived goods is made.

In case of acquisition on goods exchange transactions of fixed assets for own needs the change in value of fixed assets after their input in operation is reflected in financial accounting as the additional costs included in original cost of fixed assets or intangible assets, additional or stornirovochny debit entry of account 08 "Investments in non-current assets" and to account 60 credit "Settlings with suppliers and contractors".

6. Mutual offsetting of debt is reflected on the debit of account 60 "Settlings with suppliers and contractors" and account 62 credit "Settlings with buyers and customers".

7. In case of goods receipt on goods exchange transactions on source accounting documents (commodity-transport delivery notes, invoices and others) the receiver's mark about the cost of the received goods in book prices proceeding from the cost of shipped goods on goods exchange transaction becomes.

8. The taxation when making goods exchange transactions is made in the procedure established by the legislation in process of reflection of cost of goods on accounts of realization and financial results.

9. In case of change of the conditions of goods exchange transaction providing implementation of complete or partial calculation in cash, reflection of proceeds from sales of goods, calculation for which will be made in cash, is performed by the method accepted in accounting policy ("in process of payment" or "in process of shipment"). Revenue in foreign currency from sales of goods for export shall be reflected in Belarusian rubles at the rate of National Bank of the Republic of Belarus with entering of corresponding changes into financial accounting.

10. The customs payments and taxes paid in case of commodity importation on goods exchange transactions are reflected in financial accounting according to the procedure, stipulated by the legislation.

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