AGRICULTURE IN THE VAT SYSTEM PUBLISHEDDjojo ARSENOVIC, Srđan LALIC, Biljana STANIVUK, Brankica NJEGUS
The accounting of our rural households is becoming more and more prevalent and common. In the new system of registration of agricultural households, where the commercial ones have a completely different treatment, this question becomes even more popular. Farms within the scope of VAT (value added tax) had to have appropriate records in the past as well. Those were never massive or complex accounting and bookkeeping operations. With just a little bit more attention, you will surely have far more benefits from the efforts that you put in. Precisely for the above-mentioned reason, agricultural records of value added tax differ from tax records of other companies. First of all, the tax is calculated under a different rate, lowered by the amount of subsidies. Also, the paper will point out that certain agricultural enterprises are excluded from the system of value added tax because their income doesn’t move in such high Rezonants, i.e. it is not large enough to be taxed. In order to give more detailed analysis of the problem, this paper will also analyze the income which can be taxed and how high it is. Legally speaking, there are some disagreements in the registration of VAT because in reality two or more companies work together and one of them is not a taxpayer, and the other one is. It is because of these disagreements that we see some drawbacks of accounting records but also the legal coverage of this matter. Furthermore, the main objective of this paper is to present the records of agricultural value added tax and to point out its main features. Although the goal of the paper is to give a detailed presentation, even a partial one will be enough, because it is hard to keep up with the constant legal and accounting changes in this area. The importance of monitoring and operating a small farm, and importance of this paper as well, lies in two reasons: First of all, bookkeeping is completely neglected on farms, and secondly, farmers do not recognize the benefits it brings because this is an additional activity which has no connection with the practical everyday work they do. During the writing of this paper, we used the combined methods of research (relevant methodology). This primarily refers to the research literature, financial and accounting methods, historical methods and other relevant general scientific methods (induction, deduction,synthesis).
agriculture, value added tax (VAT), bookkeeping, rural households, farms