The biggest feature of replacing business tax with value-added tax is to reduce double taxation, which can better promote the formation of a virtuous circle in society and help enterprises reduce their tax burden. How should the daily expenses after the VAT reform be accounted for?

Accounting treatment of daily expenses after the

VAT reformI. Various items and tax rates after the VAT reform:

non-deductible items for daily expenses: purchased passenger transportation services, loan services, catering services, residents' daily services and entertainment services.

The

input VAT of the relevant handling fees, consulting fees and other expenses paid by taxpayers for loans cannot be deducted from the output tax.

2. Reimbursement of entertainment and meal expenses for the company and its employees to eat out, if the ordinary VAT invoice is obtained, the input tax cannot be deducted. For companies with a larger scale and more standardized management, in addition to invoices, business expenses are also required to apply for meal expenses, and after first approving the business expenses application form, then processing the catering entertainment expenses, and then signing the reimbursement and making the cashier payment.

The person in charge signs at the same time, and the meal expenses are generally included in the detailed account of "business entertainment expenses".

Entries at the time of final settlement of enterprise income tax:

debit: administrative expenses/selling expenses/manufacturing expenses-business entertainment expensesCredit

: cash in hand/bank depositsWhat

is VAT?

Value-added tax (VAT) is a tax levied on the value-added amount of goods in the process of circulation, which is a turnover tax. VAT is an additional tax and needs to be borne by the consumer.

The invoices used by VAT taxpayers are divided into ordinary invoices and special VAT invoices, both of which are business vouchers issued by taxpayers when they pay taxes. General taxpayers can use special VAT invoices as input tax to deduct VAT.