Improvement of Company Accounting Policy Concerning Accounting of Value-Added-Tax

The issue of accounting of settlements with the budget concerning taxes and payments in general and the value-added-tax in particular is extremely topical because in the context of unstable economic situation the main motivating factor of the company activity is wish to reduce fiscal pressure. The purpose of the article is to substantiate the necessity of changes in the document on the company accounting policy concerning value-added-tax in view of the provisions of the effective laws and methodological instructions to be used by accounting personnel responsible for accounting of tax payments. The problematic issues of VAT accounting are shown. On the basis of analysis of the effective regulations, the structural and logical scheme is worked out for methods how value-added-tax is to be determined. This scheme may be represented as an appendix to the document on the company accounting policy. The ways of value-added-tax accounting improvement are outlined. It is grounded that it is reasonable to distribute responsibility for VAT accounting among accounting department personnel. To author’s opinion, clear regulation of tax accounting in the company would conduce to lower overall labor costs of the accounting personnel.