Tax Refund Amount = Export Amount * VAT Refund Rate

1. Foreign trade enterprises obtain VAT input invoices for purchasing goods: Borrow: purchasing materials.

Borrow: Taxes payable-VAT payable (input tax)

Loans: accounts payable, etc.

2. Sales:

Debit: accounts receivable, etc.

Loan: income from main business

3. Carry-over cost:

Debit: main business cost

Loans: Goods in stock

4. Non-refundable input tax transfer cost = original deductible input tax-tax refund amount.

Debit: main business cost

Loan: Taxes payable-VAT payable (input tax transferred out).

Extended data:

Taxable amount formula:

Formula for calculating the tax payable of general taxpayers and small-scale taxpayers exporting the above-mentioned goods by means of raw material processing and entrepot trade:

Taxable amount = (FOB price of export goods × RMB quotation of foreign exchange) ÷( 1+ collection rate) × collection rate.

Because the input of goods does not need to be transferred out, it can be deducted directly. Export goods for which output tax should be accrued can be transferred from the cost account to the input tax account if the production enterprise has calculated the tax reduction or exemption according to the regulations and transferred it to the cost account.

If a foreign trade enterprise has calculated the difference between the tax rate and the tax refund rate according to regulations and transferred it to the cost account, it may transfer the difference between the tax rate and the tax refund rate and the amount transferred to the export tax receivable to the input tax account.

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