Features of an interest-free loan between enterprises

Often friendly, trusting relationships arise between enterprises, as a result of which one company can provide loans without interest for use, in other words, interest-free loans. From the legislative side, such assistance is not prohibited, but it may attract close attention from tax authorities and additional audits.

For an interest-free loan, an agreement must be signed, in which one of the points should be the main condition: the loan is issued free of charge, without fees for the use of funds. If this condition is not specified in the document, the Central Bank refinancing rate will automatically be included. In cases where the object of the loan is not money, but things, the loan will be interest-free by default.

If money is lent for the first time to an enterprise with which there has been no cooperation before, then signing an agreement should be the main condition, otherwise there is a high chance of not getting your money back. The agreement may not be notarized, but must have an exact expiration date. If the funds are not returned by the specified date, the creditor can legally go to court for proceedings.

Typical accounting entries for loans

The organization can issue itself or receive borrowed funds.
According to the terms of loans, short-term and long-term are distinguished. Another nuance that affects accounting is whether the loan is provided without payment for the use of funds (interest-free) or whether interest must be paid (interest-bearing). In this article we will look at examples of postings for loans issued and received. A legal entity, individual entrepreneur and individual can receive a loan.
In turn, the organization can temporarily issue funds and property for use, both to other companies and to individuals (its employees, founders, strangers).

Postings for obtaining a loan

The period for issuing short-term loans does not exceed 1 year. When an organization receives funds from a credit institution, founder, etc. they are accounted for in account 66. The loan can be received in cash, by transfer to an account, or in foreign currency. The following entries will be made accordingly:

• Debit 50 (51, 52) Credit 66 - entries for receiving a loan.

When repaying the debt, the posting is reversed:

• Debit 66 Credit 50 (51.52).

The payment amount and frequency are specified in the terms of the contract.

When a company incurs additional costs when obtaining a loan, they are recorded in 91 accounts:

• Debit 91.2 Credit 66.

Long-term loans are provided for a period of more than a year. Accounting account – 67. The loan can be accounted for in this account, or after the repayment period becomes less than 12 months, transfer it to account 66:

• Debit 67 Credit 66.

Example of loan receipt transactions:

The organization received two loans: one for 6 months in the amount of 150,000 rubles, and the second for 36 months in the amount of 680,000 rubles. When applying for a long-term loan, the lawyer’s services were paid - 5,000 rubles.

Postings:

Accounting for loans from the lender - entries for issuing loans

If a company issues a loan to another organization, then the transactions will be as follows:

• Debit 58 Credit 51 (50, 52, 40 ...) – entry for the loan issued.

As can be seen from the posting, a loan can be provided not only in the form of a sum of money, but also in the form of property (materials, fixed assets, etc.). The amount that will be taken into account in this case is the value of goods/materials, etc.

When issuing an interest-free loan to a legal entity, the amount is taken into account in the debit of account 76 and the credit of the account for issuing funds or property (50, 51,10, 40, etc.).

Loan repayment is documented by posting:

• Debit 51 (50, 40...) Credit 58 (76).

Regarding the taxation of loans with VAT, there are two opposing points of view. The first is based on the fact that there is a transfer of ownership, which is an implementation (Article 39 of the Tax Code of the Russian Federation). Sales are subject to VAT. The opposite point of view: when receiving and returning a loan in the form of goods, there is no object of VAT taxation.

Entries for VAT accounting on loans in kind:

• Debit 91.2 Credit 68 VAT – when issuing a loan
• Debit 19 Credit 58 (76) – accounting for input VAT when repaying the loan.

The issuance of a loan to an employee of an organization is documented by posting:

• Debit 73 Credit 50 (51).

The return is processed by return posting.

Example:

The organization issued an interest-free loan to a legal entity in the amount of 320,000 rubles.

Postings for issuing a loan:

Features of obtaining an interest-free loan

There are no legal obstacles to concluding an interest-free loan between legal entities, but there are certain features that must be observed:

• an agreement on the provision of an interest-free loan must be drawn up only in writing;
• two copies are required;
• signed by both parties and certified by the seal of each party;
• if the object of the agreement is money, then it is necessary to mention in the agreement that the loan is provided as interest-free, otherwise the tax service may have questions;
• if the object of the agreement is property, then there is no need to indicate that it is interest-free. The contract will be considered interest-free by default;
• if the transaction amount exceeds 600 thousand rubles, then the agreement must be registered.

Accounting for interest on loans

Expenses for paying interest on loans are recorded as other expenses in account 91. In tax accounting, they are written off every month, regardless of their payment according to the terms of the agreement.

By posting Debit 66 (67) Credit 51, interest on loans is paid, and by recording Debit 91.2 Credit 66 (67), they are taken into account as expenses.

For organizations that provide loans, interest is taken into account in other income: Debit 76 Credit 51 (50). Receipt: Debit 50 (51) Credit 76.

Example:

The organization received a loan in the amount of 120,000 rubles, which is taxed at a rate of 10% per annum. For the first month of using borrowed funds (17 days), the amount of interest amounted to 567 rubles, for the second month 1000 rubles, for the third (12 days) 400 rubles, after which the loan was repaid.

Postings:

Unified social tax

According to paragraph 1 of Art. 236 of the Tax Code of the Russian Federation, the object of UST taxation for organizations is payments and other remuneration accrued in favor of individuals under employment and civil law contracts, the subject of which is the performance of work or the provision of services. Since the loan agreement is a civil law agreement, interest paid under it to the employee is recognized as subject to UST taxation. According to paragraph 3 of Art. 238 of the Tax Code of the Russian Federation, the tax base in terms of insurance contributions to the Social Insurance Fund does not include payments under civil law contracts. Consequently, the interest accrued to the employee will not be taxed at the full UST rate, but minus the part that is payable to the Social Insurance Fund.

Example 1 . The employee's tax base for the first quarter of 2006 amounted to 100,000 rubles, including interest accrued on the loan provided to the organization in March - 1,000 rubles.

For employees whose tax base does not exceed 280,000 rubles, the Unified Social Tax rate is applied in the amount of 26%, 2.9% for contributions to the Social Insurance Fund. Since no tax is levied on contributions to the Social Insurance Fund, the amount of accrued interest is taxed at a rate of 23.1%, which is 231 rubles. Of them:

• to the federal budget (20%) - 200 rubles;
• in the Federal Compulsory Medical Insurance Fund (1.1%) - 11 rubles;
• in TFOMS (2%) - 20 rubles.

Providing a loan to another organization - postings

Tax-tax November 16, 2021 625 When providing a loan to another organization, the postings may be different. Read about what this is connected with and what kind of accounting entries arise for the party lending funds in our material.

Conditions for issuing money in debt, affecting the accounting of transactions on this debt

Providing a loan to a legal entity from a legal entity at interest

An interest-free loan was issued - how to reflect this in transactions

Results

Personal income tax

When concluding an interest-bearing loan agreement, an individual borrower becomes obligated to pay tax only if the interest rate is lower than 2/3 of the refinancing rate established by the Central Bank of the Russian Federation. Moreover, the organization is a tax agent and is obliged to calculate, withhold and pay tax to the budget.

Whenever an individual borrower pays interest, the organization must check whether he received a material benefit (interest savings). If received, the organization is obliged to calculate its amount, calculate personal income tax from it and transfer it to the budget. If it is not possible to withhold and pay the tax (the borrower does not receive any cash payments from the organization), the tax authorities must be informed about this (clause 5 of Article 226 of the Tax Code of the Russian Federation).

Conditions for issuing money in debt, affecting the accounting of transactions on this debt

Borrowing operations between legal entities other than credit institutions are not uncommon. In a simpler way than in a bank (without collecting a large number of documents), they allow you to obtain the necessary funds for the required period, and the interest rate may be lower than that set by the bank for the loan (up to its absence). Another positive aspect is that the recipient of the loan does not have to regularly report to his lender about his current financial situation, as is the case when receiving a loan.

Transactions for the provision of a loan to a legal entity and transactions for calculating interest on it, if they are provided for in the borrowing agreement, from the transferring party are directly dependent on two conditions:

1. Will interest be accrued for the use of borrowed funds, or have the parties agreed that there will be no interest?
2. Is the issuance of loans included in the list of its usual types of activities or such operations take place occasionally.

The first of the conditions determines the very essence of the debt arising from the receiving party to the lender: whether it turns out to be income-generating or not. That is, it should be considered a financial investment (placement of funds with the aim of extracting financial benefits from this process) or regarded simply as a receivable.

The second condition determines in which transactions the organization’s loan from the organization will be reflected when calculating interest (i.e., income on it).

Preparation of transactions

Based on the requirements of any legislation, including Russian, all financial transactions are subject to mandatory reporting in written, officially confirmed form. If for some reason this is not done, then there is a threat of a visit to the specific organization by the tax inspectorate.

Drawing up contract entries in 2021 is not much different from previous years. Accounting entries require special formatting. Most often, all reporting is presented in a table. In case of an audit of an enterprise by the tax service, special attention is paid to the contract.

This is due to the fact that contracts are often not real, which in turn contributes to the emergence of corruption. Therefore, for security purposes and to prevent fraud, it is important to carefully study all clauses of the contract. In addition to the contract, attention should be paid to other documents. After all, during the audit, tax inspectors study them in detail.

The entries for calculating interest under the contract are not too complicated. Therefore, the accrual process does not cause any special problems.

Providing a loan to a legal entity from a legal entity at interest

In accounting entries, the issuance of a loan to a legal entity at interest will be reflected with the appearance in the debit part of account 58, one of the subaccounts of which is allocated by the Chart of Accounts of the Accounting (approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n) to reflect the funds issued as a loan. Analytics on it are organized by recipients of borrowings and each of the concluded agreements. Debts secured by bills of exchange should be reflected separately.

In the credit part of the transaction, a cash account will appear corresponding to its type:

• 51 - for non-cash transfers in rubles;
• 52 - when transferring funds in foreign currency.

Thus, the entry for accounting for a loan issued with interest will look like: Dt 58 Kt 51 (52).

Interest accrued monthly on the loan is not shown on account 58. Another account is intended for their accounting - 76, the debit of which will record the amount of income calculated at the rate stipulated by the agreement. The linking of entries for accounting for a loan issued by an organization and entries for reflecting interest accrued on it to different accounts is due to the different nature of the debt arising: on account 58 this is the amount of income-generating investments, and on account 76 - current settlements on payments associated with these investments.

In the credit part of the record reflecting the accrual of interest, a financial result account will appear:

• 90, if the issuance of loans in the accounting policy of a legal entity is designated as one of its usual types of activities;
• 91, if the provision of borrowed funds is not one of the usual activities.

That is, the fact of accrual of interest will be recorded as Dt 76 Kt 91 (90). The receipt of payment for them will be reflected by the entry Dt 51 (52) Kt 76.

When repaying the principal amount of the loan, a posting will occur Dt 51 (52) Kt 58.

Loans issued to employees by the organization

If the lender is a legal entity, according to the Civil Code of the Russian Federation, the loan agreement must be drawn up in writing.

When making payments to employees on loans provided to them, account 73 “Settlements with personnel for other operations”, subaccount 1 “Settlements on loans provided” is used. The issuance of a loan to an employee is most often carried out through the cash register, which is reflected by the entry Debit 73/1 Credit 50.

According to clause 7 of PBU 9/99 “Income of the organization” <2>, interest is taken into account as part of other income. Interest accrual on the interest-bearing loan provided is reflected monthly in accordance with the terms of the agreement. In this case, the following entries are made: Debit 73/1 Credit 91/1 - interest was accrued on the loan agreement, Debit 50, 70 Credit 73/1 - the amount of interest on the loan was received (paid through the cash register, deducted from the salary). A similar entry is made when the employee repays the loan.

<2> Order of the Ministry of Finance of Russia dated 05/06/1999 N 32n.

If an organization is an authorized representative of an employee for the purpose of calculating personal income tax, then it calculates and withholds the amount of tax (usually from his salary). The following entries are made in accounting: Debit 70 Credit 68, subaccount “Calculations with the budget for personal income tax.”

An interest-free loan was issued - how to reflect this in transactions

However, a loan issued in cash may also be interest-free (Articles 809, 810 of the Civil Code of the Russian Federation). In such a situation, it loses the main feature (the ability to generate income), which allows it to be included in financial investments. How to show the borrower's debt in this case? It should be reflected as a regular debt of the counterparty for settlements not related to sales to him, i.e. using account 76.

Depending on whether the transfer of funds issued as a loan is made in rubles or in foreign currency, the entry - a loan was issued to another organization - without interest will take the form Dt 76 Kt 51 or Dt 76 Kt 52.

Since accrual of income is not provided, records of transactions for recording interest and for their payment will not appear. That is, until the debt is repaid, its amount will be listed in the debit of account 76. The return will be reflected by the reverse entry to the one with which the debt was registered: Dt 51 (52) Kt 76.

Thus, in a situation where another organization has been issued an interest-free loan, the entries for it will only reflect its occurrence in accounting and write-off when the funds are returned.

How to draw up a loan agreement

You may be interested in: Alpari PAMM account: reviews and investment experience

The relationship between the employer and the employee receiving money on loan is formalized in a loan agreement. It sets out the essential conditions:

• The amount given to the borrower.
• The purposes for which the loan is taken.
• Loan interest and how it is calculated.
• The procedure for paying interest and repaying the loan: in cash to the organization’s cash desk or withholding part of the salary based on a personal application.
• Method of issuing funds to the borrower under the agreement: in cash from the cash register or by transfer to a bank account.
• Possibility of early repayment.
• Other conditions.

Based on Law 173-FZ, only credit organizations have the right to issue loans and credits in the currency of another state. At the place of work, an employee can only receive a loan in rubles. In the case where the interest rate is not specified in the agreement, based on Article 809 of the Civil Code of the Russian Federation, by default it is assumed to be equal to the refinancing rate. If an employee is given an interest-free loan, this must be indicated in the contract.

Results

The provision of funds in debt by agreement between legal entities can be carried out both on the terms of payment of interest for this, and without additional payments. For the lender, the loan in the first case takes on the character of a financial investment (i.e., it generates income), and in the second it is simply a receivable. Accordingly, the amount of funds issued as a loan must be taken into account in account either 58 or 76, reflecting this by posting either Dt 58 Kt 51 (52) or Dt 76 Kt 51 (52). Postings for interest accrued on the loan reflected in account 58 will be linked to account 76: Dt 76 Kt 91 (90) - accrual; Dt 51 (52) Kt 76 - payment.

Types of loan

A loan is the provision by one person to another person of a certain amount of money for a certain period of time on the basis of an agreement concluded between them.

There are two types of loans:

A reimbursable loan is the provision of funds or other property for temporary use to another person for interest. That is, the borrower pays a certain percentage to the lender for the use of his funds or property;

An interest-free loan is the provision of funds or other property for temporary use, but the borrower does not pay anything for it.

Accounting for issued and received interest-free loans from individuals

Accounting. Taxes. Audit On the topic Read all materials (127) on the topic “Interest-free loan (loan)” subscribe. There is an update (+103), including:

• Personal income tax from interest savings has a chance to be seen in the tax notice
• About personal income tax and benefits from savings on interest on an interest-free loan provided to an employee

February 09, 2010 16:09 E-mail Archive GARANT Company

How is accounting carried out for issued and received interest-free loans from individuals who are not employees of the organization?

Relations under the loan agreement are regulated by Chapter 42 “Loan and Credit” of the Civil Code of the Russian Federation.

In accordance with paragraph 1 of Art. 807 of the Civil Code of the Russian Federation, under a money loan agreement, one party (the lender) transfers money into the ownership of the other party (borrower), and the borrower undertakes to return the same amount of money (loan amount) to the lender. The loan agreement is considered concluded from the moment the money is transferred.

According to paragraphs. 1 clause 1 art. 161 of the Civil Code of the Russian Federation, transactions of legal entities between themselves and with citizens must be concluded in writing.

In accordance with paragraph 1 of Art. 162 of the Civil Code of the Russian Federation, failure to comply with the simple written form of a transaction deprives the parties of the right in the event of a dispute to refer to witness testimony to confirm the transaction and its terms, but does not deprive them of the right to provide written and other evidence. Therefore, a written loan agreement should be concluded between an individual and an organization.

The norm enshrined in Art. 809 of the Civil Code of the Russian Federation, the loan agreement is compensated, which is expressed in the payment by the borrower of interest on the loan amount. The condition that the contract is free of charge must be specified in the text of the contract itself.

Therefore, if the agreement does not contain a reference to the type of loan - interest-free or interest-bearing, then the loan will automatically be considered interest-bearing. Consequently, the lender will have to charge the borrower interest at the refinancing rate.

Based on Art. 814 of the Civil Code of the Russian Federation, a loan agreement can be concluded with the condition that the funds received are used for certain purposes (for example, for the purchase of fixed assets). In this case, the borrower is obliged to ensure that the lender can control the intended use of the loan amount.

At the same time, establishing in the agreement a specific purpose for using the loan is not a mandatory condition for the parties. The agreement may also provide for a broader use of funds received (for example, replenishment of working capital).

In addition, the agreement can provide for other terms of the relationship that arise between the parties to the loan agreement (for example, the procedure for repaying the loan, repaying the debt in parts, etc.)

1. Loans received

From January 1, 2009, the features of accounting for expenses associated with obtaining loans and credits are determined by the new PBU 15/2008 “Accounting for expenses on loans and credits,” approved by Order of the Ministry of Finance of Russia dated October 6, 2008 N 107n.

According to clause 2 of PBU 15/2008, the principal amount of the obligation for the loan received is reflected in the accounting records of the borrowing organization as accounts payable in accordance with the terms of the loan agreement in the amount specified in the agreement. And the repayment of the principal amount of the obligation on the loan received is reflected by the borrower organization as a reduction (repayment) of accounts payable (clause 5 of PBU 15/2008).

According to the Chart of Accounts, approved by Order of the Ministry of Finance of Russia dated October 31, 2000 N 94n (hereinafter referred to as the Chart of Accounts), settlements under short-term loan agreements (for a period of 12 months or less) received by the organization are reflected in account 66 “Settlements on short-term loans and loans”, for settlements on long-term loans, account 67 “Settlements on long-term loans and borrowings” is intended. It does not matter from whom the funds were taken - from another organization, an employee or a third-party individual. At the same time, analytical accounting of short-term and long-term credits and borrowings is carried out by type of credits and loans, credit institutions and other lenders who provided them.

When you receive a loan, you must make the following entries:

Debit 50 (51) Credit 66 (67) - a loan was received from an individual.

At the time of debt repayment:

Debit 66 (67) Credit 50 (51) - partial or full repayment of debt in accordance with the terms of the agreement.

For your information:

If an individual provides funds to a legal entity under an interest-free loan agreement, then the material benefit determined in accordance with Art. 212 of the Tax Code of the Russian Federation does not arise for an individual.

Funds received by an organization under a loan agreement are not taken into account either for profit tax purposes or for VAT purposes on the following grounds.

An individual who is not an individual entrepreneur does not become a VAT payer. Therefore, the individual providing the loan (reimbursable or gratuitous) does not calculate VAT. The organization in this case, on the basis of the provisions of Art. 161 of the Tax Code of the Russian Federation is not a tax agent and also does not calculate VAT.

According to paragraphs. 10 p. 1 art. 251 of the Tax Code of the Russian Federation, when calculating income tax, income in the form of funds or other property received under credit or loan agreements (other similar funds or other property, regardless of the method of registration of borrowings, including securities under debt obligations), as well as funds or other property received to repay such borrowings.

The return of an interest-free loan is not reflected by the organization as part of the expenses taken into account when taxing profits, in accordance with clause 12 of Art. 270 Tax Code of the Russian Federation.

Saving on interest under interest-free loan agreements does not entail the emergence of an object of taxation for profit tax for the borrower (letters of the Ministry of Finance of Russia dated 03/14/2007 N 03-02-07/2-44, dated 02/20/2006 N 03-03-04/1/ 128).

2. Loans issued

In accordance with the Chart of Accounts, amounts of cash and other loans provided by the organization to individuals who are not employees of the organization should be reflected in account 76 “Settlements with various debtors and creditors”, subaccount “Settlements on loans provided”.

Operations for issuing and repaying a loan will be reflected in the following transactions:

Debit 76 Credit 50 (51) - reflects the issuance of a loan to an individual (basis - loan agreement);

Debit 50 (51) Credit 76 - reflects the repayment of the loan (part of the loan) in accordance with the terms of the agreement.

Let us note that the amount of material benefit received by an individual from savings on interest for the use of borrowed funds received from an organization is not subject to reflection in the accounting accounts of the lending organization. Let's explain why.

In accordance with paragraph 5 of Art. 8 of the Federal Law of November 21, 1996 N 129-FZ “On Accounting” (hereinafter referred to as Law N 129-FZ), all business transactions are subject to timely registration in accounting accounts without any omissions or exceptions.

In this case, a business transaction is considered an event that characterizes individual business actions (facts) that cause changes in the composition of property (for example, the outflow of funds as a result of a transfer from the organization’s current account to the employee’s account) and liabilities, their placement and the sources of their formation.

A business transaction is reflected in accounting by an accounting entry indicating the debited and credited account and the amount of the transaction.

Thus, only a certain operation can be reflected on the relevant accounting accounts, as a result of which, first of all, a quantitative change in the composition of the organization’s property and liabilities will occur.

In the situation under consideration, the calculation of the material benefit of an individual borrower does not entail any changes in the composition of the property or obligations of the lending organization, except for the obligation of the tax agent, which consists in the need to calculate, withhold and pay to the budget the amount of personal income tax on the income generated by the borrower .

Moreover, the calculation of the amount of material benefit and the amount of tax subject to withholding should be documented in an accounting certificate in accordance with clause 2 of Art. 9 of Law No. 129-FZ.

Thus, for accounting purposes, a business transaction is not the calculation of the amount of material benefit, but the calculation of the amount of personal income tax to be withheld from the borrower.

It should be taken into account that material benefit is a separate type of income of an individual, which recognizes economic benefit in monetary or in-kind form, taken into account if it can be assessed and to the extent that such benefit can be assessed. In the case under consideration, income is associated with savings on interest for the use of borrowed funds and is determined in accordance with Art. 212 of the Tax Code of the Russian Federation.

Since the organization does not have the ability to withhold personal income tax from individuals who are not its employees, it should be guided by clause 5 of Art. 226 Tax Code of the Russian Federation. According to this paragraph, if it is impossible to withhold the calculated amount of tax from the taxpayer, the tax agent is obliged, no later than one month from the end of the tax period in which the relevant circumstances arose, to notify the taxpayer and the tax authority at the place of his registration in writing about the impossibility of withholding the tax and the amount of tax.

The form of notification of the impossibility of withholding tax and the amount of tax and the procedure for submitting it to the tax authority are approved by the federal executive body authorized for control and supervision in the field of taxes and fees.

Today, by order of the Federal Tax Service dated October 13, 2006 N SAE-3-04 / [email protected], tax agents are recommended to report the impossibility of withholding tax in Form N 2-NDFL.

Answer prepared by: Expert of the Legal Consulting Service GARANT Member of the Chamber of Tax Consultants Ananyeva Larisa

The answer was checked by: Reviewer of the Legal Consulting Service GARANT auditor Vyacheslav Gornostaev

January 15, 2010

The material was prepared on the basis of individual written consultation provided as part of the Legal Consulting service. For detailed information about the service, contact your service manager.

it's time to study!

• January 15, 2021 / Internet “International Standards in Auditing”, Qualification “Specialist in International Standards in Auditing” (IAPBE)
• January 22, 2021 / Internet Taxation of the Russian Federation
• January 25, 2021 / Internet Business fragmentation: legal problems, protection from claims of tax authorities
• January 29, 2021 / Internet Certified chief accountant according to IFRS (IAB). January set

• January 29, 2021 / Internet How to read management reporting. Free webinar.
• February 06, 2021 / Internet Currency regulation and currency control in the Russian Federation, taking into account the latest changes in legislation
• February 11, 2021 / Internet Unfair suppliers: how to maintain tax deductions and prevent violations of laws
• February 13, 2021 / Internet “Business Project Management System”, Qualification “Project management” (IAPBE)

• March 13, 2021 / Online CIMA Program “Operations Performance Management”. Level P1 (preparation for the May 2018 session)
• January 14, 2021 / St. Petersburg Professional internal auditor: modern organization, management and methodological support (according to the professional standard program “Internal Control Specialist” level 5)
• January 15, 2021 / Moscow Training course “IPFM:IFRS.Basis”
• January 15, 2021 / St. Petersburg Latest changes in international financial reporting standards (IFRS)

More seminars and courses

Personal income tax

When determining the tax base for personal income tax, all income of the taxpayer received by him, both in cash and in kind, or the right to dispose of which he has acquired, as well as income in the form of material benefits are taken into account (clause 1 of Article 210 of the Tax Code of the Russian Federation). When receiving an interest-free loan, the taxpayer’s income is the material benefit from savings on interest for the use of borrowed funds received from organizations (clause 1, clause 1, article 212 of the Tax Code of the Russian Federation). Let us recall that when receiving income in the form of a material benefit, the tax base is defined as the excess of the amount of interest for the use of borrowed (credit) funds, expressed in rubles, calculated on the basis of 2/3 of the current refinancing rate established by the Central Bank of the Russian Federation on the date of actual receipt of income by the taxpayer, over the amount interest calculated based on the terms of the agreement, and the date of actual receipt of income in the form of material benefit is the day the taxpayer pays interest on the borrowed (credit) funds received. The Ministry of Finance of Russia explained (Letters of the Ministry of Finance of the Russian Federation dated September 23, 2011 N 03-04-06/6-236, dated July 25, 2011 N 03-04-05/6-531), that if an organization issued an interest-free loan, then the actual date of receipt income in the form of material benefits should be considered the corresponding dates of actual repayment of borrowed funds.

AUDIT ON SPECIAL TASK

Important!

Thus, in the situation under consideration, during the period (periods) of repayment of borrowed funds, the individual borrower receives income subject to personal income tax in the form of material benefits from savings on interest for the use of borrowed funds.

Material benefits from savings on interest for using an interest-free loan received by an individual who is a tax resident of the Russian Federation is subject to personal income tax at a rate of 35% (Clause 2 of Article 224 of the Tax Code of the Russian Federation, Letter of the Ministry of Finance of Russia dated October 8, 2010 N 03-04 -06/6-247). In this situation, the lender organization is recognized as a tax agent in the situation under consideration. Consequently, she should calculate, withhold from the taxpayer and pay to the budget the amount of calculated personal income tax on the amounts of income in the form of material benefits.