Tunisian accounting

Definitions of accounting

Accounting is a technique used at the business level to manage information needed for decision making. We distinguish between two types of accounting: cost accounting (management) and financial accounting (general).

Management accounting: aims to calculate, monitor and analyze the costs of products of industrial companies. She gets the information she manages from financial accounting.

Financial accounting: aims to inventory, value and capture in a permanent and continuous manner, the elements of the company’s assets. It is a three-step technique:

• The first step is to enter the information from written documents called supporting documents ( invoice tunisia of purchases and sales, pay slips, bank documents…. )
• The second step is to make the accounting entry on a document called journal
• The last step is to summarize the accounting entries in accounting documents (balance, balance sheet, income statement, cash flow statement, notes to the financial statements)

Presentation of the Tunisian tax system

The Tunisian tax system has been the subject of a profound reform which is part of the structural reforms of the various economic and financial sectors undertaken by Tunisia.
This reform concerned all types of taxes. It has made it possible to establish a modern tax system through its restructuring, the reduction of its rates, the broadening of the base and the rationalization of tax advantages as well as the granting of more guarantees to taxpayers at the level tax control and litigation.

1. The Tunisian tax system includes:

• customs duties,
• value added tax,
• consumer rights,
• personal income tax,
• corporate tax,
• registration and stamp duties,
• local taxes,
• and various taxes affecting certain products, transport, insurance…

1. The tax pressure for the year 2014 is 22.6% (additional LF for the year 2014)
2. The breakdown of tax revenue for 2014 is as follows:

Stamp duty

Stamp duty is a tax applicable to certain deeds or writings. It is also a method of payment for the cost of certain formalities and certain documents provided by public administrations.

Scope of the fiscal stamp

Stamp duties apply to acts, writings and administrative forms expressly taxed by law.

Only acts drawn up in Tunisia are subject to stamp duty. Deeds drawn up abroad escape the Tunisian stamp unless they are voluntarily presented for the registration formality in Tunisia or if they are filed in the ranks of the minutes of a notary in Tunisia or if they are are not annexed to a notarial act passed in Tunisia.

In principle, the stamp tax only affects signed documents. The tax liability is linked to the physical drafting of the deed.

The qualitative characteristics of accounting information

Good accounting information must combine certain qualities that can be summed up in four:

• Understandability: to be useful, accounting information must be understandable by users. This means that the information is explicit, clear and concise and within the reach of users.
• Relevance: the quality of relevance of information is assessed by the relationship between the information and the use made of it. Information is relevant when it is likely to promote adequate decision-making by users of financial statements by helping them to evaluate past, present and future events or by allowing them to confirm or correct previous evaluations. / li>
• Reliability: Accounting information is reliable when it allows users to trust it as truthful, neutral and verifiable information and does not include error or bias.
• Comparability: Accounting information should allow the user to make comparisons over time to determine trends in the financial position and performance of the business. It should also make it possible to make comparisons of financial information from similar companies in order to assess in a relative way the financial situations, the performances and their evolutions.

The billing

The invoice is a binding document established between the seller and the buyer, it is a supporting document drawn up by the trader seller (supplier) to illustrate the conditions under which he sold the good and / or service to the customer.

There are two types of invoices namely:

• The must: this is the first invoice issued by the supplier.
• Invoices to have: appears, if there is a situation of return of goods or goods (because there is a fault) therefore the supplier will make reductions either commercial Either financial.

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