Problematic aspects of corporate income tax calculation in the printing industry of Latvia
2014
Vitola, I., Latvia Univ. of Agriculture, Jelgava (Latvia) | Galejs, L., Latvia Univ. of Agriculture, Jelgava (Latvia)
A corporate income tax (CIT) calculation is one of the most complicated tax calculations in Latvia. The research aim is to examine the accounting process for the CIT in the printing industry and reveal problems in its calculation. The authors found that the CIT paid could not be forecasted for a long- term, as it was corrected by many financial accounting items and did not directly depend on turnover but was closely associated with the profit or loss account and the balance sheet. The authors came to a conclusion that the decision makers of the Republic of Latvia had to change the procedure of paying the corporate income tax – the tax has to be paid for the taxation period rather than, as now, in advance for the next accounting period. The authors analysed the accounting process for the CIT at “Jelgavas tipografija” Ltd, which, as a benchmark, represents accounting operations in the entire industry in general. The following general research methods were employed to carry out the research: the monographic method, analysis and synthesis, induction and deduction, statistical analysis, comparative analysis, the logical and constructive methods, and the graphic method.
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