Tax balance in agribusiness as a type of special balance

Abstract

ResumeThe tendency of continuous compounding of business processes inevitably leads to application of increasingly complex instruments for the purposes of financial reporting in agribusiness. In this system the existential place and role of individual elements that alter the existing and acquire new functions comes into question. Balancing implies a regulated and consistent system in which every change leads to the creation of new relations and changing already established relationships. In this regard, in this paper we will focus on the place and role of tax balance in the group of special balances in agribusiness, as a very significant group of accounting instruments. Displaying information for users and situations in which they are used, balances gain their place in this classification.For the purposes of applying financial instruments, referring primarily to balances in agribusiness, it is necessary to know the way of their classification according to their functions. From this aspect, tax balance in agribusiness is a specific report, both in terms of its formal and material structure, which gives it the basis to belong to ordinary as well as special types of balances in agribusiness.

Taxation of farmers by the income tax in Serbia

“…The entrepreneur who keeps the financial records is obliged to state in the tax return the amount of the calculated and paid tax in the tax period up to the day of the interruption or the termination of self-employed activity. They are also required to submit a tax balance along with the tax return (Milojević et al 2015). …”