Taxable object and tax liability for income tax in the reporting system of an agricultural enterprise

Abstract

The article explores the role of corporate income tax as a key component in the formation of the state budget and its impact on economic processes in Ukraine. Emphasis is placed on the significance of this tax as a fiscal instrument capable of fostering balanced economic growth by stimulating innovation and ensuring stable public revenue. The importance of the agricultural sector in Ukraine’s economy is highlighted, with a focus on the need for an effective tax policy as a tool of state regulation.

Special attention is given to the determination of the taxable object and tax liability for corporate income tax within the context of financial and tax reporting. The methodology for calculating the taxable base is examined, integrating the requirements of accounting standards and tax legislation. The interconnection between financial and tax reporting in terms of corporate income tax is analyzed. The article considers the procedure for forming the taxable object based on financial reporting data with adjustments for tax differences. The regulatory framework governing the preparation of corporate income tax returns, their annexes, and the application specifics in the agricultural sector is reviewed.

The study identifies key challenges related to inconsistencies between financial and tax accounting, frequent legislative changes, and macroeconomic instability under martial law. The necessity of harmonizing accounting and tax information to improve the reliability of tax reporting is underscored. It is concluded that only a comprehensive alignment of approaches will enable agricultural enterprises to ensure transparency, financial resilience, and adequate economic planning. The article proposes directions for improving methodological approaches to determining the taxable object, which are expected to enhance the transparency and informativeness of reporting and increase trust in financial data through its better reflection of the actual financial and economic state of the enterprise, considering its tax obligations.