Methodology for developing Section III of the annual financial plan of an enterprise “Relations with the budget”

The article reveals theoretical and practical issues regarding the procedure for calculating Section III of the annual financial plan “Relationships with the budget”, and develops separate recommendations for compiling individual tables of the plan. It is substantiated that the increased responsibility of enterprises for the timeliness of payments to the budget raises the question of the availability of sound financial plans and methods for their calculation. Using a specific example of an enterprise (an ordinary taxpayer), the procedure for developing Section III of the financial plan is substantiated, and the method for calculating and paying taxes in the planning period is shown. When determining the amount of value-added tax, the peculiarities of the implementation of production and economic activities were taken into account, in particular, the terms of tax payment, as well as the peculiarities of product sales (export). The peculiarity of taxation of product exports significantly affects the volumes of tax liabilities and tax credits. When taxing the payroll and income tax, tax payments are of decisive importance. The calculations presented indicate significant differences between planning of production and economic activities and financial planning. The given procedure for calculating the indicators of Section III of the financial plan “Relationships with the budget” with the distribution of the results by months can be recommended for medium and large industrial enterprises. Scientifically substantiated development of the financial plan helps to identify shortcomings in the economic activities of enterprises, in financial planning, and in determining reserves for the growth of cash accumulations (income). The method of calculating the main indicators of Section III of the financial plan “Relationships with the budget” is shown using the example of basic taxes (profit tax, value added tax, and payroll taxes). The calculation for each tax should include: establishing the tax base, tax rates, and payment terms. Calculating tax amounts based on this approach will increase the level of scientific substantiation of the annual financial plan of the enterprise. Increasing the level of scientific justification for the development of a financial plan will ensure the timeliness of salary payments, fulfillment of tax and fee obligations, and reduce non-production costs of enterprises in the form of staffing, penalties, etc. Financial plan indicators serve as an important means of controlling the financial activities of enterprises and organizations. Strengthening the scientific justification for the development of annual financial plans at industrial enterprises will allow for effective management decisions.