New form of property and income tax declaration will be introduced from January 1, 2024

Taxpayers – individuals be aware that new form of property and income tax declaration (hereinafter – declaration) will come into effect on January 1, 2024 in connection with entry into force of Order of the Ministry of Finance of Ukraine № 467 as of 28.08.2023. On the approval of Changes to form of property and income tax declaration and Instructions for filling out property and income tax declaration", registered in the Ministry of Justice on 18.10.2023 under № 1817/40873.

New declaration form provides for separation of personal income tax liabilities (hereinafter – tax) determining the minimum tax liability of individuals – entrepreneurs (except for individuals who chose simplified taxation system) – owners, tenants, users on other conditions (including under the emphyteusis conditions) of land plots classified as agricultural land. At the same time, please note that tax payment determining the minimum tax liability by individuals – entrepreneurs (except for individuals who chose simplified taxation system) is carried out under the budget classification code "11010500 – personal income tax paid by individuals based on results of annual declaration ".

In addition, procedure for calculating the amount of personal income tax subject to refunding from the budget in connection with use of right to tax discount for expenses incurred according to Paragraph 166.3 Article 166 Section IV of the Tax Code of Ukraine (hereinafter – Code) has changed, except for expenses specified in Sub-paragraph 166.3.10 of Paragraph 166.3 Article 166 of Section IV of the Code (annex FZ to the declaration).