Can tax overpaid to the budget be refunded?
Made a mistake in a figure and paid too much tax? The money is not lost. What to do, in brief key points.
When paying tax, you can pay not only too little but also too much. The good news: the excess money does not "disappear" into the budget.
The main things you need to know
- The overpaid amount remains the taxpayer's funds
- It can be used in two ways: offset against future payments or other taxes, or refunded to the bank account
- If you owe other taxes, the overpaid amount may first be applied to settle that debt
- A refund is usually made on the basis of the taxpayer's application
- The deadlines for applying and for the refund are set in the Tax Code: check them in the current version
- It is advisable first to draw up a reconciliation statement with the tax authority to make sure the overpaid amount is correct
- In the accounts, an overpayment shows up as a debit balance in account 6410: the budget owes you
Example: what mistake did Rustam find?
In one month, Rustam's small firm paid 2 100 000 soum in tax instead of 1 200 000 soum: one digit in the payment order was wrong. At month end, Rustam saw a debit balance of 900 000 soum in account 6410. He reconciled settlements with the tax authority, confirmed the overpaid amount and asked for it to be applied against the next month's payment.
Test yourself
5 questions on this topic: pick an option or reveal the answer.
A taxpayer has overpaid tax to the budget. What can it do?
If tax is not paid by the deadline, what is charged for each day of delay?
The tax debt of "Sirdaryo yo'l qurilish" LLC: tax 4 000 000 soum, accrued late-payment interest 600 000 soum, fine 1 000 000 soum. The company paid 4 700 000 soum. In what order is the payment allocated under Article 55 of the Tax Code?
Under NAS No. 21, in which account are advance payments of taxes transferred to the budget recorded?
After the tax payment deadline had passed, the accountant of "Bekobod sement savdo" found an error on his own that had understated the tax in the return. Under Article 83 of the Tax Code, in which case is the company released from liability if it files an amended return?
Answered: 0 / 50 of 5 correct
All tests →See also
Sources
- Tax Code of the Republic of Uzbekistan · procedure and deadlines for offsetting and refunding overpaid tax; check the current version
- NAS No. 21, paragraph 274 · accounts 6410 and 4400
- Example · prepared by the author