Business entities registered on the simplified taxation system paid 1.5 billion UAH of the single tax to local budgets of Odessa region during 8 months of 2020. This is 104.2 million UAH more than during the same period in 2019.
Single tax is a taxation system which readily chosen by small business entities. Therefore, a significant share of revenues is provided by business entities – individuals. They paid almost 1.1 billion UAH during 8 months of 2020. Revenues growth has amounted 98.5 million UAH comparing to 2019.
The Law of Ukraine as of 16.01.2020 № 466 - IX “On Amendments to the Tax Code of Ukraine to improve tax administration, eliminate technical and logical inconsistencies in tax legislation” introduced some changes to the simplified taxation system, namely:
- reduced from 15 to 10 days the period until which the single tax payer of Group II at a rate of 5% may apply for a change in the rate of this tax by 3% + 20% of the VAT;
- limited distribution of benefits in the form of land tax for single tax payers of Group I – III when providing real estate for rent;
- it is established that cancellation of registration as the single tax payer is possible in case of the tax debt existence exceeding 1020 UAH.
Reminder! Legal entity or individual – entrepreneur may independently choose a simplified taxation system if such individual meets the requirements established by the Tax Code of Ukraine and is registered as a single tax payer in the manner prescribed by Section XIV of the TCU.
Attention! The deadline for submitting an application for the simplified taxation system from the fourth quarter of 2020 is September 15 of 2020.
