Dear individual entrepreneurs!

We remind you about the specifics of tax accounting by individual entrepreneurs who do not keep accounting records and do not prepare financial statements in accordance with the legislation of the Republic of Kazakhstan.

, Primary accounting documents

Tax accounting is conducted on the basis of primary accounting documents — documents on paper or electronic media confirming the fact of the transaction or event.

Entries in tax registers are made on the basis of primary documents.

Sole proprietors also have the right to issue primary accounting documents in the electronic invoice information system using an electronic digital signature.

, Transactions in foreign currency

Transactions made in a foreign currency are converted into tenge at the official exchange rate established on the date of the transaction.

At the same time, the exchange rate difference is not taken into account for tax purposes.

, How stocks are accounted for

For tax accounting purposes, inventories are recognized at cost.

The cost may include:
▪️ acquisition costs;
▪️ Import duties and non-refundable taxes;
▪️ Transportation and handling;
▪️ expenses directly related to the purchase;
▪️ Processing costs;
▪️ Direct labor costs;
▪️ Production overhead;
▪️ other costs necessary to bring the inventory to its current condition and location.

Discounts, refunds, and similar amounts provided by suppliers are taken into account when determining the cost.

, Weighted average cost method

The sole proprietor has the right to determine the cost of a unit of inventory using the weighted average cost method.

The choice of this method should be reflected in the tax accounting policy.

Sole proprietors who produce goods, as well as sole proprietors who choose the weighted average cost method, keep records of inventory receipts and disposals in tax registers, the forms of which are developed independently.

What is not considered a stock disposal?

Are not recognized as disposal:
internal movement of stocks between financially responsible persons of one sole proprietor;
▪️ transfer of stocks for storage;
▪️ transfer of inventory as raw materials.

Upon receipt of stocks for storage, their cost is not the income of the sole proprietor.

When are stocks considered depleted?

An outflow of reserves is the termination of their recognition as an asset, including when:

➡️ the implementation;
, gratuitous transfer;
, used in production, in the performance of work or the provision of services;
➡️ transfer as a contribution to the authorized capital;
, exchange;
, identifying a shortage;
, theft or damage;
Expiration of the storage period;
, obsolescence;
➡️ loss of consumer properties.

Also, a disposal is a reclassification of an asset, for example, the transfer of inventory to fixed assets or other assets.

The Department of State Revenue for the Karaganda region reminds: the correct registration of primary documents and the maintenance of tax registers make it possible to ensure the correct reflection of business transactions in tax accounting.

Source : https://www.gov.kz/memleket/entities/kgd-karaganda/press/news/details/1297216?lang=ru