Business development requires constant financial pumping, but the amount of money that can be diverted from circulation is always limited. Attracting investments through authorized capital while losing control over the business is the last thing. Taking out a loan from a bank is expensive, the price of bank money is very high, and the procedure for obtaining a loan involves a lot of hassle. In addition, the terms of loan obligations will not always correspond to the turnover time of invested funds. Now, if only you could attract investments on your own terms, setting your own price and terms. Such an instrument is the issue of own bills. Any company, even a low-liquidity one, can use it, spending a minimum of money and time.

A bill of exchange is a debt security subject to payment in a strictly defined manner. It gives its owner the right, after the expiration of the obligation, to demand from the debtor payment of the amount of money indicated on the bill. An important feature of a bill of exchange is that it can be used to pay for goods and services; it can be transferred from one bill holder to another an unlimited number of times. Based on this, first of all, it is necessary to determine the practical boundaries and forms of using future bills of exchange in settlements between business entities.

One of the main advantages of a bill is that it can be issued in exchange for money that will appear in the future. Prepayment with bills of exchange for upcoming deliveries allows you to defer payment without diverting funds from circulation.

Bill of exchange schemes are also used when distributing funds between companies within a holding. Thus, it is convenient to raise funds or close debts between companies without wasting money.

In a situation where a company cannot manage its funds due to some external restrictions, for example, when an account is frozen, bill settlements make it possible to maintain solvency. This is one of the few ways to not stop the company’s current activities in such conditions.

They are also convenient to use when optimizing taxes, including wages. For example, a company that has received interest-bearing bills at face value transfers them to employees. Part of the employees' wages is paid in the form of interest on these bills. In this case, the UST does not need to be accrued in accordance with clause 1 of Article 236 of the Tax Code of the Russian Federation. At the end of the period for which the bills are issued, employees redeem them from the issuing company and pay the face value of the bills to the company with which they have an employment relationship. As a result, the company receives savings on income tax and unified social tax.

Drawing up and issuing a bill of exchange

As we can see, the use of bills of exchange is wide and varied. Having developed your future bill circulation scheme, you can determine their main parameters. There are bills of exchange and promissory notes. With a simple bill of exchange, the drawer undertakes to make the payment himself; with a transfer bill, he offers to make this payment to the third party specified in the bill. Rights under both a promissory note and a bill of exchange can be transferred to third parties.

The law does not provide for any additional requirements for a special bill form. Sample forms were approved by Decree of the Government of the Russian Federation of September 26, 1994 No. 1094 and are of a recommendatory nature. The ability to make a bill of exchange yourself is another of its advantages. In practice, almost all bills of exchange are made on printed forms with established security marks. The reason for this is the fear of business entities to work with unreliable homemade bills. Forms can be purchased from banks or Federal Treasury authorities.

Being a strictly formal document, a bill of exchange can only exist in written form. It can be written in ink or printed on a typewriter or printer. When issuing bills, registration and payment of duties are not required. The bill contains the following mandatory details:

• the name “bill” included in the text of the document and expressed in the language in which this document was drawn up;
• a simple and unconditional offer (promise) to pay a certain amount;
• name of the payer (only in the bill of exchange);
• payment term;
• the place where the payment is to be made;
• the name of the person to whom or on whose order the payment should be made;
• date and place of drawing up the bill;
• drawer's signature.

Article 2 of the Regulations on bills of exchange and promissory notes contains clauses that allow you to fill out some of the required details and make the bill of exchange more profitable for yourself. Thus, the details are: payment term; the place where the payment is to be made; place of drawing up of the bill of exchange are replenishable and they can conditionally be considered not obligatory.

A bill of exchange that lacks at least one of the required details is not valid.

There are the following options for payment terms, based on which the remuneration procedure is determined:

• on a specific date;
• in so much time from compilation;
• upon presentation;
• in such and such a time from presentation.

In the first two cases, the amount of interest forms the nominal amount of the bill and upon issue they are sold below par with a discount.

In the third and fourth options, the bill may indicate the interest rate at which income is accrued on the principal amount from the date of issue to the date of payment. When issued, such bills are usually sold at par.

In accordance with the requirements of Article 269 of the Tax Code, the discount on a bill should not exceed 15% when making payments in foreign currency, and when making payments in rubles, it should not be higher than the Central Bank refinancing rate increased by one and a half times.

A bill of exchange can be issued in several copies, in which case the copy number is indicated in the text, otherwise each copy will be an independent bill. The debtor who has paid for one of the copies is not obliged to pay for any other copies, with the exception of those accepted.

The path of the bill

The transfer of the bill of exchange is carried out by drawing up an acceptance certificate, in which all the details required for the bill of exchange should be indicated. The circulation of the bill is carried out by issuing an endorsement - endorsement. The endorsement is confirmed by the handwritten signature of the bill holder, if the bill holder is a legal entity - by the handwritten signature of the head of the organization and the seal of this legal entity.

Please note that when transferring a bill of exchange to a third party as payment for goods in accordance with Article 280 of the Tax Code, its price should not differ from the price of similar securities by more than 20%.

Upon expiration of the term for payment of the bill, the money is returned taking into account the interest specified in it. The creditor has the right to protest an outstanding bill of exchange from a notary in a simplified manner, after which a court of general jurisdiction, without trial, issues an order to the creditor that has the force of an executive document (Article 122 of the Civil Procedure Code). The creditor can collect the debt from the drawer under this order with money or property.

These are, in general terms, the procedures and operations associated with issuing your own bill. We hope that the sequence of issuing your own bill described in the article will help increase the efficiency of your company’s assets and business conditions in general.

Own bills: simple and useful

Procedure for issuing bills

As you know, a bill of exchange is a document certifying an unconditional obligation to pay the amount specified in it upon maturity.

The main documents regulating the issue and circulation of bills of exchange are the Federal Law “On Bills of Exchange and Promissory Notes” dated March 11, 1997 No. 48-FZ and the Regulations on Bills of Exchange and Promissory Notes, put into effect by a resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341. It is there that the mandatory details are listed that allow you to call the document a bill of exchange.

If all these details are present, then the debt obligation will be valid, even if it is written on plain paper. But still, if you decide to issue a bill of exchange, it is better to draw it up on a printed form (you can order it at a printing house), or purchase ready-made forms issued by the Federal Treasury. However, keep in mind that the Treasury sells at least 100 forms at a time.

The content of the transaction in accordance with which the bill of exchange was issued must be reflected in the act of acceptance and transfer of bills of exchange, along with all the essential circumstances of the issue (date, series and number of the bill of exchange, its denomination, etc.). Please note that when transferring a bill of exchange as payment under a purchase and sale agreement for goods and materials, you must highlight the VAT amount in the act. Otherwise, the tax office will refuse you a deduction, since the payment order when paying on a bill of exchange indicates the purpose of payment “without VAT.”

Accounting for own bills

It is customary to distinguish between commodity bills, when the buyer issues a bill to the supplier in confirmation of his debt under an agreement for the purchase and sale of material assets, and financial bills, when the subject of the purchase and sale is the bill itself. Moreover, the bill of exchange can be either “our own production” or third parties.

Often, a bill of exchange is issued not at par, but at a discount (discount bills), or interest is charged on the amount of the bill (interest bills). There are no differences in accounting for these types of bills. In the first case, the holder’s income (and, accordingly, your expense) will be the difference between its face value and the purchase price, and in the other case, the amount of accrued interest.

In the case where a bill of exchange serves as security under a purchase and sale agreement, the amount of discount or interest for accounting purposes before the property is capitalized is included in its value (clause 15 of PBU 15/01). In tax accounting, such interest is included in non-operating expenses similar to interest on financial bills (subclause 2, clause 1, article 265 of the Tax Code of the Russian Federation). However, you must remember that the Tax Code limits the amount of interest that can be taken into account in costs when calculating income tax (Article 269 of the Tax Code of the Russian Federation).

Accounting for commodity and financial bills is different. First, let's take an example of a situation where a bill of exchange is issued to repay a debt for the supply of goods.

Example 1

Alpha LLC shipped goods to Beta CJSC under a supply agreement in the amount of 90,000 rubles. Firm Beta paid with its own promissory note at a discount. The deadline for presenting the bill for payment is no earlier than 10 months.

The accountant of Beta (the drawer) made the following accounting entries:

Debit 60 Credit 60 subaccount “Bills issued”

– 90,000 rub. – the debt under the supply agreement is repaid;

Debit 009

– 100,000 rub. – the bill was issued at par;

Debit 91-2 Credit 60 subaccount “Bills issued”

– 10,000 rub. – additional discount on the bill is accrued on the basis of the act of acceptance and transfer of the bill on the day of issue.

Depending on the method chosen in the accounting policy, the last transaction may be reflected in another way:

Debit 97 Credit 60 “Bills issued”

10,000 rub. – additional interest accrued on the discount bill;

Debit 91-2 Credit 97

– 1000 rub. (RUB 10,000: 10 months) – part of the discount is written off monthly;

Debit 60 “Bills issued” Credit 76

Debit 76 Credit 51

– 100,000 rub. - the presented bill has been paid.

The accountant of Alpha (the beneficiary) reflected the receipt of the bill with a discount as follows:

Debit 62 “Bills received” Credit 62

– 90,000 rub. – received a trade bill with a discount as payment;

Debit 008

– 100,000 rub. – the received bill of exchange is included in the balance sheet at par;

Debit 51 Credit 62 “Bills received”

– 90,000 rub. – the presented bill has been paid;

Debit 51 Credit 91-1

– 10,000 rub. – the discount on the presented bill has been paid;

Credit 008

– 100,000 rub. - the bill is written off.

Closing a bill of exchange

Typically, bills of exchange are issued with a payment term “at sight” or “at sight, but not before” some date. The bill of exchange is extinguished upon presentation of the security to the drawer (in the case of a promissory note). In this case, it is necessary to draw up an act of presenting bills of exchange, which indicates all the details of the bill, its denomination and the amount of payment on it. If the drawer accepts the bill, he makes payment.

After this, the original bill remains in the accounting archive of the drawer and is stored like other monetary documents. Do not forget that from this moment the bill must have external signs of repayment. The most common way to cancel bills is to cross out the bill in red ink and write the word “cancelled” on it.

For the holder of the bill, the receivables on the bill can be repaid by transferring it by endorsement. Endorsement is an endorsement on the reverse side of a bill. It can be blank, when the first bill holder puts his signature and seal, and in the future the bill can be transferred to any person without endorsement, or it can be registered, when the person to whom the bill is transferred is indicated.

Let us remind you that both the drawer and the entire chain of transfer of the bill must keep in the accounting department not only the acts of acceptance and transfer, but also copies of the bill, including the reverse side on which endorsements are placed.

Financial bill

Now let's look at how the issue and repayment of a financial bill is accounted for. The following example considers a situation where one company sells its own bill of exchange to another. In essence, this is similar to a loan agreement.

Example 2

Gamma LLC sold the promissory note to Delta CJSC at a discount. Its nominal value is 100,000 rubles, the discount is 10,000 rubles. The deadline for presenting the bill for payment is no earlier than 10 months. In the accounting of the Gamma company (the drawer), this will be reflected as follows:

Debit 51 Credit 66 subaccount “Bills issued”

– 90,000 rub. – a loan was received, formalized by a bill of exchange purchase and sale agreement.

Then you need to take into account the discount. This may occur at a time (A), gradually over the period until the bill is presented (B), or gradually as deferred expenses (C). The method is established in the accounting policy.

A) Debit 91-2 Credit 66 “Interest on bills issued”

– 10,000 rub. – the full amount of the discount is accrued upon presentation of the bill.

B) Debit 91-2 Credit 66 “Interest on bills issued”

– 1000 rub. – interest on the bill is accrued monthly based on the period of its circulation based on the calculation.

B) Debit 97 Credit 66 “Interest on bills issued”

– 10,000 rub. – a discount was accrued when issuing a bill;

Debit 91-2 Credit 97

– 1000 – part of the discount is written off monthly based on the calculation;

Debit 66 “Bills issued” Credit 51

– 90,000 rub. – the debt on the presented bill has been paid;

Debit 66 “Interest on bills issued” Credit 51

– 10,000 rub. – the discount on the presented bill has been paid.

The accountant of Delta CJSC (the payee) will make the following accounting entries:

Debit 58-2 Credit 51

– 90,000 rub. – a loan was issued, the debt on which was formalized by a financial bill;

Debit 58-2 Credit 98

– 10,000 rub. – a discount was accrued on the bill of exchange based on the act of acceptance and transfer of securities;

Debit 98 Credit 91-1

– 1000 rub. – operating income is accrued monthly;

Debit 76 Credit 91-1

– 100,000 rub. – a bill of exchange is presented for payment;

Debit 91-2 Credit 58-2

– 100,000 rub. – the book value of the bill is written off;

Debit 51 Credit 76

– 100,000 rub. – funds received under the bill.

Advance payment by bill of exchange

Many suppliers are afraid to ship goods without advance payment. At the same time, buyers are also afraid to make an advance payment, since in this case they risk not receiving either the goods or the money. In addition, prepayment diverts funds from circulation, and VAT on it cannot be offset until the moment of delivery. In this case, the solution to the problem is to issue your own bill of exchange in payment for the delivery, that is, prepayment by bill of exchange.

For the seller, such a bill will be recorded as an advance, but until the bill is paid or transferred by endorsement, it will not be included in the taxable base. The buyer will have the bill listed on the balance sheet in account 009 “Securities for obligations and payments issued.”

Redistribution of funds

Issuing your own bills can help redistribute funds between companies that are controlled by the same owner. It is not uncommon for some companies to have a surplus of cash, while others have a shortage. In this case, an excellent way not only to raise funds, but also to close internal debts between companies without “running” money is a financial bill.

However, when issuing such a bill of exchange, it is necessary to remember that the tax inspectorate, during inspections, always assesses additional taxes on gratuitous loans, and the purchase and sale of one’s own bill of exchange at par will be considered by the inspectors in exactly this way. Therefore, we advise you to provide a small discount based on a rate of 1–2 percent per annum. At the same time, the amount of income tax will be minimal, and the possibilities for cavils of the tax inspector will be limited.

"Establishment" of profits for the company

Another convenient way for owners of several companies to use their own bills is to create artificial profits through interest income. The reason for this need may be a loss, for example, for a company specializing in exports.

Large exporters try to “split” supplies among several companies so that the monthly export package does not exceed 5,000,000 rubles. As practice shows, this greatly simplifies VAT returns. Another important factor is the profitability of the exporting company, which confirms the economic meaning of its activities. However, the reality is that even financial planning does not always make it possible to make a profit from export operations. In this case, an excellent solution is to receive interest (discount) income on bills.

But do not forget that the tax base for the sale of securities and for the main activity is determined separately and for income tax purposes, the loss from export does not reduce the profit on bills.

Bills of exchange in settlements with the commission agent

Own bills of exchange are also useful for settlements through a commission agent. Let us remind you that the commission agent’s taxable turnover for VAT is his revenue, that is, his commission. Therefore, if the commission agent receives the principal’s own bill of exchange as payment under the purchase commission agreement and then transfers it by endorsement to the supplier, these transactions will not have any tax consequences for the commission agent. At the same time, the principal will not include this bill of exchange in the VAT base until the moment of payment (when determining revenue “on payment”).

And the need for such a transfer may arise in the case where one of the “related” companies has a VAT refund from the budget, which, as is known, is a “red rag” for the tax inspectorate. There can be many reasons for this situation, but the most common of them is a loan, which is especially dangerous for organizations in the light of the well-known definition of the Constitutional Court of the Russian Federation No. 169-O.

Such a company receives a bill of exchange from third parties and with it VAT for payment, and then, when the situation changes, presents the bill or transfers it under any agreement as payment to the drawer.

Pitfalls of own bills

The main problem with the use of bills of exchange is the requirement of the tax service to divide the input VAT between taxable and non-taxable activities, that is, in this case, between the main activity and the sale of bills of exchange. However, this problem only concerns the transfer of third party bills of exchange as payment, which is considered by inspectors as the sale of securities.

At the same time, when issuing their own bill of exchange, the drawer and the first bill holder do not have such a problem, since they do not dispose of the bill of exchange for sales accounts.

On the other hand, please note that when using the above and other schemes, for some companies in the chain the bill of exchange passes as a bill of exchange of third parties. In this situation, we recommend that you do not ignore the requirements of the tax department for separate accounting, since in the event of claims you will have to dispute a much larger amount of VAT. The most reasonable solution is to divide costs in such a way as to forfeit the minimum amount of VAT. Among such methods, one can note the division of the enterprise’s employees into those involved in securities and those who do not, the use of the “5 percent rule” (clause 4 of Article 170 of the Tax Code), etc.

attention

When issuing a bill, the company faces a minimum of obstacles and restrictions. Firstly, even an unprofitable company can issue a bill. Secondly, the company will not require any permits or licenses. Thirdly, such an operation does not need to be registered anywhere and there is no need to pay a state fee for it. And finally, there is no need to place bills on the stock exchange or resort to the services of a depository. This is due to the fact that the bill of exchange is not an issue-grade security (Article 2 of the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market”).

A. Stunzhas, senior financial manager

In a market economy, enterprises use various forms of payment. Sometimes situations arise when there is not enough money, but it is necessary to obtain a product or service.

Then the company can take out a loan from a bank or use a commercial loan, in which the participants in the commodity-money exchange themselves are the lender and the borrower. A promissory note can be used to provide a commercial loan with deferred payment.

The concept and essence of a bill of exchange

A bill of exchange is a written document certifying the debt obligation of a debtor (drawer) or another person to a creditor (holder of a bill).

The drawer and the holder of the bill (another name is the remittor) are most often the buyer and supplier when transferring goods, but other persons may also be parties to the bill of exchange. If there is a shortage of funds, the buyer issues a bill of exchange to the supplier, in which he undertakes to return the money within a specified time and place.

The first bills of exchange appeared in Italy at the turn of the 13th-14th centuries. At that time it was the center of world trade. In Russia, this security began to be used at the beginning of the 18th century, mainly for foreign trade settlements with Germany. Translated from German, the word “bill” means “exchange.” According to Article 142 of the Civil Code of the Russian Federation, this document refers to securities. Relations between the parties to bill circulation are currently regulated by Federal Law No. 48 of March 11, 1997 “On bills of exchange and promissory notes.”

Many provisions in it are taken from the International Geneva Bill of Exchange Convention of 06/07/1930.

Significant Features

The following features of this document can be highlighted:

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Varieties

There are quite a lot of types of bills.

Classified they are based on the following characteristics.

Based on issuer:

• treasury;
• private.

Treasury (state) bills are issued by municipalities and the government of the Russian Federation with the participation of the Central Bank in order to attract funds. The payment period for them is almost always 3 – 6 months. Private bills are issued by enterprises of all forms of ownership and commercial banks.

By subject making the payment:

• simple (solo bill);
• transferable (draft).

By promissory note The drawer must pay. He signs the document and hands it over to the holder of the bill. After a certain time has passed, at the appointed place, the creditor (the holder of the bill) presents the security for payment, and the drawer pays in money. That is, the supplier (receiver) actually credits its buyer (payer of the bill). In this calculation scheme, the number of participants is two.

IN bill of exchange the payer (drawee) will be the person appointed by the drawer (drawee). Most often, the payer is selected from among the debtors of the drawer. When the time comes to pay the bill, the payer, by paying the bill holder, will pay off his debt to the drawer. So that the debtor of the bill of exchange (payer) is aware of such a calculation, there is a column for acceptance on the bill of exchange. Until the written consent of the payer appears on the document, the obligation to pay remains with the drawer. With this calculation scheme, the number of participants is three.

By types of transactions serviced:

• commodity;
• financial. Such bills are:
  • banking;
  • friendly;
  • bronze.

Commodity Enterprises use bills of exchange in transactions or. Financial ones are not directly related to trade turnover and execution of work. They are used when issuing loans, receiving money from the budget, exchanging currency, and replenishing cash.

By using bank bills banks attract working capital. Deposits are also used for the same purpose. A friendly bill is issued by one enterprise to another in the event of existing financial difficulties. Subsequently, the debtor issues a counter-bill and both documents are cancelled.

Bronze bills issued to both real and non-existent companies. They are not backed by anything and are often used in fraud. In Russia, their release and circulation is prohibited.

By the presence of a specific bill holder:

• nominal;
• order

IN registered bills the remitter is clearly stated. IN order the specific holder is not indicated, but there is only a record of the debtor, the amount of the debt, the place and time of receipt. Such securities may be transferred without using a transfer inscription - endorsement, whereas registered bills of exchange must have this inscription.

Form, content and mandatory details

The bill is drawn up both on a special form, protected from forgery, and on a simple sheet of paper.

This security is not, so you can buy ready-made forms at a printing house, bank, download from the Internet, or print yourself.

Required details the following:

1. The word "bill" (bill mark). It must appear at least once in the document. For example, “pay this bill.”
2. Date and place of compilation. A specific date, month, year, city (village) and territorial subject of the Russian Federation is recorded.
3. A promise to unconditionally pay the exact amount. There should be no additional conditions for the implementation of this obligation.
4. Bill amount. Written in numbers and in words, without corrections.
5. Payment term. One for the entire amount, splitting into several periods is prohibited.
   Options for specifying the deadline:
   • upon presentation (another name is Avista). The bill must be paid immediately upon presentation. An additional indication of the time interval is possible;
   • exact day;
   • after a specified period of time from presentation. The fact of presentation of a bill of exchange is noted by a visa on the front side or a statement from the holder of the bill of exchange;
   • after a specified period of time from compilation. The time period can be specified in days, months, years.

   If there is no due date for payment, it is considered “on sight”.

6. Place of payment. The location of the payer, his place of residence, or any other may be recorded. It must be clear and clearly defined to everyone. For example, a bank premises, a specific address where the holder of the bill will receive payment. If the place of payment is not filled in, then it is considered the place of permanent registration of the payer.
7. Full name and address of the bill holder. The name of the legal entity or the surname, first name and patronymic of an individual is indicated. By endorsement, a bill of exchange can change its remitee, but the first holder of the bill must be on the document.
8. Signature of the drawer. A person signing a document on behalf of a legal entity must have signature authority (). Be sure to indicate the name of the company, your position, last name, and initials.

IN bills of exchange There is also a mandatory column to fill in: “name and address of the payer.” This data is written without abbreviations. The drawer can indicate himself as the payer and then the bill of exchange will actually turn into a promissory note.

If the required details are filled out incorrectly, the security is considered invalid.

Price

Interest may be charged on the amount owed. They can be prescribed separately, or they can already be included in it. The interest rate is set only if the payment period for the bill is “at sight” or “after a certain period of time.” This is reflected in writing in the document, otherwise the accrual of interest is unlawful.

Formula for calculating the amount of interest next:

∑ percent=N*(С(%)*Т)/360, where

N – denomination (bill amount);
С(%) – interest rate;
T – interest calculation time, days.

When the payment comes due, the holder will receive the face value plus the amount of interest. Participants determine the interest rate independently. Much depends on the relationship between the enterprises, the average interest rate on loans, the payment term, the amount of risk and the specifics of the transaction.

If the holder of the bill wants to receive money before the due date, he can sell the bill to the bank or pay it to another person. At the same time, he is paid the bill amount with accrued interest (if any) minus the discount. In fact, the holder of the bill receives a discounted loan secured by the security.

Selling price determined by the formula:

Р=(N*(1+(C%*T/360)))/(1+r*(t/360)), where

P – selling price;
t – remaining time until maturity, days;
r – discount rate.

The closer the payment deadline, the higher the selling price. It will be maximum the day before this date.

Banks have the right to issue their bills at a discount. By purchasing such a security, the holder of the bill in the future sells it at the par price (it will be higher than the purchase price). This difference constitutes his income.

nominal cost calculated by the formula:

NP=P*(1+(Tv*r/365*100)), where

NP – par value of the security;
TV – term of the bill in days;
P – sale price (meaning the price at which the holder of the bill bought the bill from the bank).

The longer the term of the security and the higher the discount rate, the more income the bill holder will receive.

Validity periods

The document is valid from the moment it is drawn up until its maturity (payment). Securities with a maturity date of “at sight” can be provided for payment within 1 year from the date of issue. If there is a condition “not earlier than a certain date,” then the calculation of one year begins from this date.

When the exact maturity date is known, the holder must present the bill for payment on that date or within the next two business days. He has no right to demand that the payer pay the bill ahead of time. The payer also cannot require payment to be accepted before the due date.

A bill of exchange must be accepted within 1 year from the date of issue. If the due date for payment is indicated “at such and such time from presentation,” then the date of presentation is considered the date of acceptance.

Payment term is possible prolong, although such a procedure is not provided for by law. The parties can put a new payment date in the document. Then a secondary written consent (reacceptance) of all participants is required. Or they draw up a new bill with a later maturity date.

If the holder of the bill does not present the security for payment, then the missed deadline is not restored. The remittor loses the right to demand the bill amount from other participants in the bill turnover. In case of refusal of payment, you can expect to collect only the payment on the bill without interest.

Who has the right to issue a bill of exchange

According to the legislation of the Russian Federation, drawers of bills can be individuals who have reached 18 years of age and have full legal capacity, as well as legal entities with legal capacity. The chief accountant's signature and seal are optional.

These same persons can also be bill holders. Promissory notes cannot be issued by the executive authorities of the Russian Federation.

Transactions on bills

With bills of exchange you can make following operations.

Sale to bank. The remittor sells the security to the bank under endorsement before the maturity date. For payment ahead of schedule, the bank takes a discount interest. This operation is called bill accounting.

Settlement with other persons. Accept a bill as a deferred payment from the debtor or, having a security in hand, pay off your debtor.

Transfer to another person through endorsement. The inscription is placed on the back of the bill or on the second additional sheet (allonge) with the words “pay by order” or “pay in favor”, indicating the new holder. Be sure to put a date. By performing such an operation, the remitter (endorser) transfers all rights and obligations under the bill to a new holder (endorse). Partial endorsement cannot be issued.

The security can be transferred unlimited number of times, but each endorser remains a guarantor for payment (in a bill of exchange - and for acceptance). When the bill must be paid, the last holder of the bill will claim the debt. If payment is not made and the bill is protested, then the last remittor may seek recovery from any of the endorsers. This is called the right of recourse. Otherwise, fraud with bills would be possible. In order not to assume joint and several liability, the holder of the bill can put a note in the endorsement “without negotiability on me.” The transfer of a bill of exchange can be excluded if “not to order” is written in the text of the document. Then only sale will be possible.

Endorsement design options:

• personal – contains the exact name of the endorser, his signature and seal.
• blank – the specific endorsement is not written. He can then enter himself or transfer the bill without making any other notes. When the payment deadline approaches, the last remitter will record himself.
• collection – an order to the bank to make an accent and receive payment. It is also called “for collection”. The bank takes a small commission. The following endorsements under such a document can only be subordinate (without ownership rights).
• collateral - a bill of exchange is transferred to the bank as collateral for the loan issued. 60–90% of the bill amount is accepted as security. As with collection endorsement, subsequent transfers do not change the owner of the security.

You can also issue an endorsement after the bill has been protested. However, the endorser will no longer be responsible for the payment.

Domiciliation. This is an instruction to the bank from the drawer to make payment on the due date. Such bills are called domiciled. The bank will carry out this operation only if there is money in the current account.

The bill of exchange may bear additional marks: acceptance and aval. Acceptance means that the payer agrees to payment. Typically, the drawer accepts the bill and only then transfers it to the holder. But there are also situations when the remittor himself meets with the payer, if they are geographically close and the drawer is far away. Acceptance may be partial, indicated by the words “I agree”, “I will pay” or other similar meanings. Be sure to sign, date and stamp.

Aval is a bill of exchange guarantee. The avalist guarantees payment for the drawer, payer or any of the endorsers. If the person obligated to pay the bill refuses to pay, then this claim passes to the avalist. Having made the payment, he has the right to demand the bill amount from all parties to the transaction. Commercial banks are most often involved in valorizing bills. It is allowed to issue a partial aval. A security with aval is considered more reliable.

Where are these documents used?

In Russia, this security is actively used in business. Most often, a bill of exchange acts as a lending instrument. It is used by transport, energy, metallurgical and other companies.

Banks issue both their own bills and buy them from private enterprises. For the lender, this form of credit is more reliable than due to the possibility of a protest procedure. The bill of exchange is also used as a deferred payment in the settlements of entrepreneurs whose activities are related to trade.

If there is a lack of liquidity or the territorial remoteness of the counterparty, this security is very convenient for replenishing working capital. The maturity of most bills in our country does not exceed 1 year.

Accounting

When a bank buys a bill, it takes discount amount (discount percentage) for early payment to the bill holder.

It is calculated using the formula:

∑discount=(N*Tres.*r)/(100*365), where

N – face value (principal plus interest);
Toast. – remaining time until maturity, days;
r – discount rate, %.

Rediscounting of bills is the operation of a bank selling a purchased security to the Central Bank.

For the accounting Separate subaccounts are used in accounting for these securities. Accounting for commodity bills is carried out on accounts 60, 62, 91, 97. Financial bills are recorded on accounts 66, 76, 58, 76. Transactions on the issuance of bills of exchange are reflected in off-balance sheet account 009, and repayment - on off-balance sheet account 008.

Tax accounting provides for an exemption from payment when settling with bills of exchange, but there are exceptions. When receiving a bill of exchange from a third party as payment with a discount, if the discount rate exceeds the refinancing rate, then the difference between them is subject to VAT. When a security is received from a third-party counterparty as an advance for the supply of products, VAT must also be paid.

If payment is not made on time or the payer pays only part of it, then the holder of the bill issues a protest against the bill.

The next working day, before 12 noon, the document is transferred to the notary, who presents the payer with a demand for unconditional payment. In case of refusal, a protest act is drawn up and a mark is placed on the security paper.

Next, the bill, along with an inventory of all participants in the bill transaction, is submitted to the court and enforcement proceedings begin immediately. There is no need to prove the existence of a debt to the court. The holder of the bill can expect interest and penalties for late payment. The same procedure is carried out if the bill is not accepted.

Differences from IOU and other securities

Bill and IOU certify the existence of a debt, but there is significant differences.

The bill has a strict form, mandatory details, the holder can change and the liability for it is much more serious. There are no such strict requirements for the receipt, it does not change the lender and can be challenged by the borrower. The existence of a debt on it will need to be proven, and debt collection on the bill begins immediately.

Unlike stocks and bonds the bill is issued only in paper form, and large issues are rare. It is used as a means of payment and is transferred by endorsement. A share indicates the existence of its owner’s share in ownership, and a bill reflects a monetary obligation. Shares and bonds are not calculated, and they are transferred through another transfer inscription - assignment. Unlike an endorsement, an assignment is a bilateral agreement, and the previous holder is responsible only for the existence and validity of the transferred rights, and is not guaranteed for their actual implementation.

The use of bills allows you to establish stable, trusting relationships between business entities. For further development and expansion of the scope of application in Russia, it is necessary to improve the legislative framework.

To learn about what a bill of exchange is and what the rules are for its use, see the following video lesson:

A bill of exchange is a security that allows deferred payment or unconditional payment for goods or services delivered within a predetermined period. Liquid bills can also be used as a means of payment or collateral.

A bill of exchange is a security that confirms the obligation of the debtor (drawer) to pay the required amount to the creditor (holder of the bill) within an agreed period of time after its presentation. The right of claim may be transferred to third parties without additional conditions and approvals from the drawer.

It was from the bill that all subsequent stocks, futures, options, derivatives and other debt options originated. Their active use as a means of payment and credit led to the adoption in 1930 of the Geneva “Unified Law on Bills of Exchange and Promissory Notes,” which was adopted by most countries as the basis for the creation of internal regulations, for example, the Federal Law of the Russian Federation “On Promissory Notes and Bills of Exchange.”

A number of countries, such as England, the USA, Canada, Australia, are guided in their practice by the English Law of 1882, the main provisions of which coincide with the Geneva Convention. There is also a group of countries that use bill circulation standards separate from the two listed: Egypt, Spain, Taiwan and others.

Like all securities, it is in free circulation, but has its own distinctive features:

• Abstractness− obligations have only a monetary value and are not directly related to specific obligations that preceded its registration.
• Indisputability− the requirements are unconditional for fulfillment in full.
• Solidarity− financial responsibility lies with all persons involved in the execution and circulation of the bill.
• Documentation− exists only in the form of paper forms of strict reporting with several degrees of protection.

Use in commercial practice solves the following main problems:

Types of bills

• Simple. An obligation to pay the required amount within a specified time frame, in favor of the creditor in whose name it is issued. What is a bill of exchange in your own words? It is an analogue of a promissory note;
• Transfer or draft(Italian “tratta” - transfer) - the debtor (drawee) makes a payment in favor of a third party (remitee) on his order or on behalf of the person who issued it (drawee). An analogue of debt transfer under a loan agreement.
• avalized. Additional guarantee of the bank (avalist) for the execution of payments. It can be either simple or translated. Partial avalization of the required amount is allowed.

Required details

The text on the form must contain the following information:

Acceptance

The payer's (acceptor's) agreement to fulfill the requirements of the bill of exchange. This is not required for promissory notes, since in this case the obligation to repay arises and is accepted at the time of presentation.

Transfer of rights

With the help of an inscription on the reverse side of the form or in the absence of space on an additional sheet (allonge), called an endorsement, the current owner (endorser) transfers all rights under it to the new holder (endorser).

The endorsement must be certified personally by the endorser and with a seal if he is a legal entity. He can remove his obligations for acceptance and payment with the phrase “no recourse to me,” which usually leads to a decrease in liquidity during the sale. Partial endorsement is not permitted. If it is necessary to exclude the possibility of the next transfer of rights, the phrase “not by order” is included in the text of the endorsement. In this case, only the sales contract applies.

Endorsement options:

• Named. With full details of the endorser.
• Blank or bearer. In this case, the details of the new holder are indicated by the endorser. After the payment deadline, it automatically turns into a registered one.
• Collection An inscription in favor of the bank, which receives the right to accept or demand payment. The holder receives compensation in the form of the specified amount minus interest (discount) for early repayment;
• Non-negotiable. With the phrase “without recourse to me,” freeing the current owner from acceptances and payments.
• Preferential. Gives the transferee the right to act on behalf of the endorser without ownership of the bill.
• Collateral to secure the loan.

Payment on a bill

The procedure contains:

• presenting the bill for payment within the acceptable time frame; if the maturity date falls on a weekend, payment is made on the first working day;
• immediate payment by the debtor of the amount specified therein, deferment of payment is allowed only in case of force majeure;
• early presentation for payment does not oblige you to make and accept payments before the final repayment date;
• the debtor has the right to pay part of the required amount, about which a corresponding note is made on the form.

Protest bill

A notarized refusal to pay confirms the fact of the emergence of joint and several liability of all persons associated with it. A special register of protests is maintained and it is important to understand that such a bill may be the basis for filing a financial lawsuit.

The bill came from a promissory note. The first mention of the use of promissory notes dates back to the 14th century. Already in the 16th century. In Italy, a promissory note was issued. This document has not lost its relevance and is still used today. It serves as an obligation or offer to pay a specific amount at a specific time.

In fact, a bill is a debt document. It can be presented exclusively in documentary form, i.e. drawn up on paper in accordance with all the rules. The bill is issued individually; it is a non-equity security.

When creating a bill of exchange, there are two sides.

1. The person issuing the bill, the issuer, is the drawer.
2. The owner of the bill, claiming to receive the amount indicated in the bill, the creditor is the holder of the bill.

In this case, the drawer is subject to requirements called bill capacity, i.e. the presence of rights to issue a bill of exchange and the ability to be obligated on it.

A bill of exchange can be issued both individuals and legal entities.

1. The bill capacity of an individual is equal to the general capacity, i.e. presupposes attainment of 18 years of age and moral health.
2. A legal entity can be bound by a bill only if it has legal capacity.
3. According to Russian legislation, executive authorities of the Russian Federation, constituent entities of the Russian Federation and municipal unitary enterprises cannot issue bills; Thus, the concept of “state bill” does not exist in our legislation, because You cannot default on bills.

Types of bills

• Simple - the drawer himself undertakes to pay off the bill issued by him.
• Transferable - the drawer offers to pay the bill to a third party. In this case, another side to the transaction appears.

The difference between a promissory note and a transfer bill It's just a matter of design.

Most often, a bill of exchange is used when the drawer has a debtor. Thus, when a bill is repaid, two debts are canceled at once: the drawer to the holder and the debtor to the drawer.

The bill of exchange law requires that the third party (the drawer's debtor) be notified, only in this case you can demand payment from the debtor issuer of the security.

The payer confirms his awareness by accepting (agreeing to pay for this obligation) on an executed bill of exchange.

After the acceptance appears on the bill of exchange, the principal debtor becomes the debtor of the bill holder. Otherwise, if the bill is not accepted, the drawer remains the debtor, i.e. The document in no case loses its legal force.

Settlement of a bill

Having an idea of ​​the principle of operation of a bill of exchange, you can understand that it is designed to perform two functions: credit and settlement. With the help of a bill of exchange, a commercial loan is issued in business transactions: the seller gives a deferment in payment for the goods to the buyer. Legally, when drawing up a bill of exchange form of payment, the buyer pays off the debt to the seller for the goods, but is obligated for another debt - a bill of exchange.

In this case, the supplier who received the bill of exchange can take one of the following paths.

• The holder of the bill can wait until the expiration date of the bill.
• The holder of the bill can sell the bill to the bank.
• Also, the holder of the bill can pay the bill to his suppliers by endorsement (inscription of endorsement).

The operation when the holder of the bill sells the bill to the bank is practiced by many banking institutions and is called accounting of bills. The bank pays the bill before the due date, retaining the discount amount. The discount is calculated as the product of the amount of the bill, the bank's discount rate (discount rate) and the number of days until maturity, divided by 365 (the number of days in a year).

Endorsement can be made unilaterally. The bill must contain the phrase “pay so-and-so” and the signature of the previous owner (endorser). The serial number of the endorsement and the date of its writing are indicated.

In this case, all endorsers bear joint liability. If, when payment becomes due, the last holder discovers that the drawer is insolvent, he may apply to the court, which will call upon any of the endorsers to pay. This endorser can also take legal action against the previous endorser, etc. The more endorsements, the more reliable the bill, as the circle of persons responsible for the bill increases.

Rules for drawing up a bill of exchange

To fulfill its functions and capabilities, the bill must be drawn up in accordance with all existing rules. In order not to fall for the bait of scammers, you need to thoroughly know all the required details. According to the “Regulations on promissory notes and bills of exchange,” the document is characterized by the following points.

The risk of form defect is a negative feature of the bill. If, when drawing up a bill of exchange, no details were specified, or there are unnecessary data and marks, the document loses its validity.

The advantage of a bill of exchange is a simplified form (without legal proceedings) for collecting payment in the event of the insolvency of the drawer. The holder of the bill, having a notary's conclusion and the bill itself, goes to court. The judge immediately issues a writ of execution.

To reduce risk, diversification is used. In this sense, a bank bill is one of the diversification tools for commercial banks.

Example of a bill of exchange

The text on the front of the bill might look like this:

Bill July 07, 2012 Moscow The drawer of the bill, JSC Dubok, undertakes under this bill to pay 500,000 rubles (Five hundred thousand rubles) to the holder of the bill, CJSC Kalina, within ninety days from the date of drawing up the bill. The place of payment is the main office of Beryozka OJSC, located at Moscow, st. Kulakova, 25. Director of OJSC Dubok ______________/Averchenko P.P./Chief Accountant of OJSC Dubok___________/Nesterova Z.P./M.P. Place for aval Avalized by the commercial bank OJSC Lavender on July 10, 2012 for the drawer OJSC Dubok. 1. Director of OJSC "Lavanda" _________/Sidorov P.N./ 2. Chief accountant of OJSC "Lavender"________/Neverova G.N./ M.P.

Text on the reverse side of the bill

1. July 20, 2007 Moscow Pay OAO Beryozka. Director of JSC Kalina__________/Ermilov G.G./Chief Accountant of JSC Kalina__________/Erokhina R.V./M.P. 2. August 25, 2012 Moscow Pay OJSC Sokol. Director of OJSC "Beryozka"__________/Tsementov T.G./Chief accountant of OJSC "Beryozka"__________/Zaborova N.V./M.P. 3. September 10, 2012 Moscow Pay Etalon OJSC. Director of JSC Sokol___________/Gorlov T.N./Chief Accountant of JSC Sokol__________/Plyukhova T.A./M.P.

Which provides for deferred payment or unconditional payment for purchased goods, work or services within a predetermined period.

A bill of exchange is a security that confirms the obligation of the debtor (the drawer) to pay a specified amount to the creditor (the holder of the bill) within a specified period after presentation of the bill for payment.

In this case, the right of claim may pass to third parties without additional conditions and approvals from the drawer.

The bill of exchange is used as a means of payment and settlement, and is also used as a means of obtaining a loan, which was provided by the seller to the buyer in commodity form in the form of deferred payment.

Therefore, we can say that a bill is a dual market instrument, ensuring obligations on the one hand and repayment of debt on the other.

Functions of a bill

A bill of exchange is an important financial instrument that performs certain functions:

A promissory note is primarily a means of obtaining a loan. Using a bill of exchange, you can pay for purchased goods or services, repay a loan received, or provide a loan. For creditors, the formal and material strictness of the bill, its easy transferability and speed of debt collection are attractive.

Another function of a bill of exchange is the ability to use it as security for transactions. In other words, the holder of a bill of exchange has the right to receive money on a bill of exchange earlier than the deadline established in it in two ways: by discounting the bill of exchange in a bank or by obtaining a loan against the security he has.

A bill of exchange serves as a tool for monetary settlements. In addition, it is able to speed up settlements, since before payment the bill passes through several holders, extinguishes their obligations and thereby reduces the need for real money.

Advantages of a bill

Bill transactions are the issuance (receipt) of cash loans.

Enterprises and organizations can carry out such transactions bypassing the banking system with its conditions and mandatory commissions.

In addition, the bill is financially mobile. Being a security, it can always be sold on the stock market or pledged to a bank.

Distinctive features of the bill

The distinctive features of the bill are as follows:

Abstractness of the bill. That is, the obligations under the bill have only a monetary value and are not directly related in any way to the specific obligations of the drawer.

Possibility of transfer to third parties without documenting such a transaction;

Indisputability of the bill. That is, the requirements under the bill are unconditional for execution and are implemented in full.

Solidarity bill. That is, all persons involved in the execution and circulation of the bill bear responsibility for the bill.

Documentation of the bill. That is, the bill is drawn up in the form of a strict reporting form in paper form.

In case of failure to pay the debt within the stipulated period, no legal proceedings are required. In this case, it is enough to make a notarial protest.

What problems does the bill solve?

Using a bill of exchange solves the following problems:

creates conditions for the unconditional receipt of funds for goods supplied, work performed or services rendered;

makes it possible to conclude a purchase and sale transaction for goods, works, services without the condition of prepayment;

can be used as an effective means of payment between legal entities and individuals, for offsetting mutual claims;

may be the object of sale or purchase or be the subject of a pledge.

Types of bills

In practice, the following types of bills are distinguished:

Promissory note. The bill contains an obligation to pay the required amount within a pre-agreed time period and to the creditor in whose name the bill is drawn up. That is, the bill acts as an analogue of a promissory note. We can say that a promissory note is a security that contains an unconditional obligation of the drawer to pay the amount to the holder or his legal successor. The circulation of a promissory note presupposes the presence of two entities: the drawer and the recipient of the bill (holder of the bill);

A bill of exchange or draft (Italian “tratta” - transfer) bill. Under such a bill of exchange, the debtor (drawee) makes payment in favor of a third party (remitee) on his order or on behalf of the person who issued it (drawee). A bill of exchange is analogous to the transfer of debt under a loan agreement. We can say that a bill of exchange, or draft, is a security that contains a written order from the drawer to the payer to pay a specified amount to the holder or his legal successor within a certain period of time. A bill of exchange binds at least three entities: the drawer, the recipient of the bill and the payer.

Avalized bill. Such a bill provides an additional guarantee from the bank (avalist) for the execution of payments. A bill of exchange can be either simple or transferable.

Thus, bill types of securities are divided into promissory notes and transferable bills.

The first type involves the issuance of a loan and the signature of the debtor that he undertakes to return it to the creditor within a clearly established period in a specified place. There are only two parties involved in such a transaction: the drawer and the holder of the bill.

A bill of exchange (draft) is issued and signed exclusively by the creditor. The text of such a document contains an order to the debtor to pay the debt within a specified period, but not to him, but to a third party (the remittor).

Types of bills

In addition to classifying bills by type, they can additionally be divided into forms:

Commercial (commodity) - documents intended to ensure transactions between sellers and buyers.

Financial - allow businesses to obtain loans and credit from other businesses.

Blank documents - documents for trade transactions when the price of a product or service has not yet been established or may change. In this case, the buyer, fully trusting the seller, certifies with his signature the blank form, which will be completed later last.

Friendly bills are bills that are issued only to those who deserve unconditional trust.

Bronze - documents without real security, issued to fictitious persons or enterprises. Such bills are often used simply for bank accounting or to artificially increase the debts of a bankrupt.

Security - bills of exchange issued to secure a loan or credit from a known unreliable borrower. Such a document is usually kept in an escrow account with the debtor and is not intended for circulation. Upon settlement of the loan, the bill is repaid.

Rekta-bill (registered) - a security from which the drawer has taken away its main property: transfer to another person.

Acceptance and

The process of the future payer accepting financial obligations to pay a bill of exchange is called acceptance.

In essence, this is his consent, confirmed by the corresponding signature of the acceptor. Endorsement of a bill is its transfer to a third party.
It can only be applied to promissory notes. An endorsement provides for the presence of an endorsement on the document itself, according to which all rights to it are transferred to another person.

Typically, such an inscription is made on the reverse side of the bill or on a special additional sheet called an allonge.

The person who left his signature on the endorsement and accepted the rights to the financial document is called an endorser.

Aval bills

Aval is a kind of guarantee for a bill. It can be carried out by any person, with the exception of the holder of the bill and the drawer. The person who puts an aval on a document is called an avalist.

What is a bill of exchange as a document?

In accordance with the “Regulations on promissory notes and bills of exchange”, the document must contain:

an appropriate mark indicating that this is a bill of exchange and not some other security;

a bill mark is usually used twice: at the top of the document and in its text, and bill forms without a mark are considered invalid;

a clearly defined amount of money;

payer details (for bills of exchange);

payment deadline (upon presentation, at such and such a time from drawing up, at such and such a time from presentation, on a clearly indicated date and time);

the place where the payment is to be made;

details of the person to whom the payment should be made;

date and place of drawing up the bill;

the handwritten signature of the person issuing the bill.

Required bill of exchange details

The text on the bill of exchange must contain the following information:

Heading: Indicates “Promissory Note” or “Bill of Exchange”;

Order or obligation. In the case of a bill of exchange, the phrase is indicated: “Payment ...<данные организации или физического лица>or his order";

Details for presentation after maturity. The name and address for legal entities, place of residence and personal data for individuals are indicated;

Amount to be paid. The amount must be indicated in numbers and in words, which is considered the main one in case of discrepancy with the figure. If there are several amounts, the smaller amount is payable. In this case, no corrections or breakdown of the amount to be paid by terms or parts are allowed.

Payment term. Current legislation provides for the following options:

• "on presentation". The bill is payable no later than one year from the date of preparation, unless a different period is specified. In case of delay, the bill becomes invalid.
• "after the end of the period." Payment of a bill must be made within a specified period after presentation. The specified period is the final day not only for payment, but also for protesting.
• "the period after the commencement of action." Payment on the bill must be made after a certain number of days from the date of execution.
• "on a certain day." Payment under the bill is carried out on a specific day specified in the bill.

Place of payment. Unless otherwise agreed, the bill of exchange is presented for payment at the location of the drawer-payer. Multiple locations are not allowed.

Date, address of statement and payment. Multiple locations are not allowed. An unreal date, its absence, or a non-existent address will invalidate the bill.

Signature of the drawer. Signature must be handwritten only. The bill will be invalid without a signature, or if a forgery is detected. For legal entities, it is necessary to put a stamp and certify the bill with two signatures: the signature of the director and the signature of the chief accountant.

Payment on a bill

The bill payment procedure includes the following steps:

presentation of a bill for payment within the acceptable time frame. If the repayment date of the bill falls on a weekend, then payment is made on the first working day;

immediate payment by the debtor of the amount specified in the bill. Deferment of payment is possible only in case of force majeure.

Still have questions about accounting and taxes? Ask them on the accounting forum.

Bill of exchange: details for an accountant

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• Flow of money within a group of companies

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• Practice of the Supreme Court of the Russian Federation on tax disputes for March 2017

  To take into account the results of transactions for the exchange of bills of exchange and the variation margin under contracts ... of the Code, we proceeded from the fact that the bills of exchange were transferred to the applicant free of charge for the purpose of ..., and the income from the disposal of these bills of exchange (the amount of proceeds received from the implementation ... of the transaction of transfer of bills of exchange in compensation) is subject to reflection... the property and the issuance of the bill, as well as the transfer of the bill, was a formal cover...

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• Guide to tax amendments for medium-sized businesses. Winter 2019

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• Practice of the Supreme Court of the Russian Federation on tax disputes for March 2018

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• Review of letters from the Ministry of Finance of the Russian Federation for June 2019

  Property used in business activities, bank bills, income from the sale of this... in the part attributable to payment by bill of exchange, is taken into account by an individual entrepreneur applying a simplified... tax system, on the date of payment of the bill by the bank (the day the funds are received...

• Practice of the Supreme Court of the Russian Federation on tax disputes for June 2019

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• The income tax rate is 0% when carrying out medical and (or) educational activities: there is little time left for its application

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• Income tax in 2017. Explanations from the Russian Ministry of Finance

  ... (expenses) in the form of a discount on bills with the clause “at sight...; the estimated maturity of such a bill is used as the maturity date of such a bill, which... is the period from the date the bill is drawn up to the date indicated as " ...

• Practice of the Supreme Court of the Russian Federation on tax disputes for May 2017

  Received by the Taxpayer through the sale of his own bills of exchange in the audited period to the investor for..., as payment, bills of exchange received by the Cargo company from the taxpayer were transferred... each time these transactions were carried out with bills of exchange, while the counterparties transferred to each other...