This law will come into force on January 1, 2021.
According to the adopted law, unified reporting on the single contribution tax and personal income tax will be submitted on a quarterly basis.
In addition, the Verkhovna Rada passed the accompanying Law on Amendments to the Tax Code (Draft No. 1072), which has already been signed by the President and has also come into force on January 1, 2021.
The bills are designed to ensure the further implementation of tax reform, one of the tasks of which is to simplify and unify the procedures for completing and submitting tax returns to control bodies.
In most cases, the single tax accrual base is the same as the personal income tax accrual basis in the form of wages and remuneration for the performance of works (services) under civil contracts. Therefore, combining reporting with the state social insurance and personal income tax will reduce the number of reports for taxpayers - insurers and reduce the time spent by the business to compile the reporting itself.
In addition, the draft laws provide for simplified reporting on a single contribution:
- for individuals - entrepreneurs and individuals pursuing independent professional activity, in particular, it is stipulated that information on accrual, calculation and payment of a single contribution from income from entrepreneurial activity or pursuing independent professional activity shall be submitted as part of the annual declaration of property and income (tax declarations);
-for single taxpayer natural persons, it is envisaged to submit a single contribution statement in the tax return of the single tax payer.
For insurers (enterprises and self-employed persons who use the work of hired workers), quarterly income tax returns and a single social contribution are broken down, broken down by months of the reporting quarter.
The implementation of the laws will help to simplify the conditions for doing business, simplify the administration of the personal income tax and single social contribution, reduce the number and volume of tax reporting.
