Individual entrepreneurs now have to submit tax reports on a monthly basis
3 February 17:20
The Ministry of Finance of Ukraine has introduced changes to the tax reporting system for individual entrepreneurs and tax agents. The innovations have already gained official status following the registration of the relevant orders of the Ministry of Finance No. 39 and No. 53 with the Ministry of Justice.
According to the new rules, reports must be submitted monthly by the 20th day of the month, instead of the previous quarterly system, "Komersant Ukrainian" reports.
“The changes apply to all tax agents, including legal entities and individual entrepreneurs who pay income to individuals,”
– the Ministry of Finance reported.
According to the transitional provisions, the last quarterly report for the fourth quarter of 2024 must be submitted by February 10, 2025, using the old form. Under the new requirements, the first monthly report for January 2025 will have to be submitted by February 20, 2025.
The updated tax calculation form will consist of the main report and four annexes:
- Annex 1 Information on unified social tax.
- Annex 4DF Information on income.
- Annex 5 Information on labor relations.
- Appendix 6 Data on special seniority.
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The reform of the reporting system is part of the amendments to the Tax Code adopted in the fall of 2024 to ensure a balanced budget under martial law.
The Ministry of Finance believes that submitting reports on a monthly basis is easier than doing so on a quarterly basis.
“The introduction of a new form of combined personal income tax and unified social tax reporting with monthly submission will contribute to more effective control over budget revenues and simplify the reporting process for taxpayers,”
– the Ministry of Finance wrote.
At the same time, not everyone agrees with the Ministry’s estimates. For example, economic expert Yuriy Havrylechko believes that the innovations not only increase the burden on individual entrepreneurs, but also increase the risk of corruption.
“The government continues its work to destroy the economy and destroy SMEs… The unproductive burden is increasing, as well as the basis for corruption by fiscal authorities. There is no sense in the requirements to increase the frequency of reporting, except for creating conditions for the growth of corruption… In the United States, small businesses usually submit reports once a year. And this is considered absolutely justified and logical!”
– commented the expert.
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