What is the inventory and raw material report❓

What is the inventory and raw material report❓

👉🏻Inventory and raw material report

Inventory and raw material reports Is a type of report that the law requires entrepreneurs to pay VAT that the business selling products are obliged to produce (Section 87), which is set to be in accordance with the law. Some businesses may use an accounting program that has built-in this inventory system. Helping to manage stock properly From actual products, sales, card stock, various reports

👉🏻In the event that the company counts the inventories and finds

1. Goods that are actually counted less than the inventory report in the accounting system – shortage of stock (out of stock from the inventory report)

2. Goods that are actually counted more than the inventory report in the accounting system – Products overstocked (goods exceeded from the inventory report)

👉🏻What is the tax burden in both cases?

tax action In the event that the company Inventory check

1. In the event that The actual counted item is less than the inventory report in the accounting system, or the “stock shortage from the goods and raw material report”.

- In case of VAT

In such a case, it is considered a sale of goods under Section 77/1 (8)(e) of the Revenue Code because “there is a shortage of goods from the Goods and Raw Materials Report under Section 87 (3) or Section 87, paragraph two of the Revenue Code”, in which Section 78/3 of the Revenue Code In addition, the Ministerial Regulation No. 189 stipulates that VAT liability occurs when the Company has “detected” that the product is out of the product and raw material report.

The Company therefore has to take the value of the missing goods from the report into the value of the tax base in the detected tax month. to pay sales tax at the rate of 7.0 percent of the market value of goods under Section 79/3 of the Revenue Code.

In addition, the Company may also be liable to a criminal fine of not more than 2,000 baht under Section 90 (15) of the Revenue Code because “registrants prepare reports which does not comply with the rules, procedures and conditions prescribed under Section 87 or as prescribed by the Director-General under Section 87/1 of the Revenue Code.”

- In case of corporate income tax

The lack of products from the product and raw material report In case of unreasonable reasons, the company must take the value of the shortage from the report as income in the calculation of net profit for the purpose of paying corporate income tax. by improving it in the form of Por Ngor Dor 50 – because it cannot be proven that it was stolen If there is clear evidence, it can be recorded as an expense for calculating net profit.

2. In the event that The actual product count is greater than the inventory report in the accounting system, or “the item exceeds the inventory report”.

- In case of VAT

Such a case does not constitute a sale of goods, the company may be liable to a criminal fine of not more than 2,000 baht under Section 90 (14) of the Revenue Code, because (14) a VAT registrant has in excess of the goods and raw materials report under Section 87.

- In case of corporate income tax

There is no effect in this case.

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