Volyn business entities paid 490 million UAH of the income tax during January – October 2020.
Main Directorate of the STS in Volyn region stated that despite the unfavorable economic situation due to the COVID-19 pandemic, a positive dynamics of the income tax revenues remains.
In particular, the amount of income tax transferred by business entities of Volyn region during 10 months of 2020 is 8.1% higher than the last year’s revenues during the corresponding period in 2019.
“In difficult economic conditions, most Volyn enterprises show responsible attitude and do not “hide” behind fictitious losses the real financial result of their activities. Of course, the pandemic has made adjustments to business plans of a large number of business representatives. However, socially responsible business remains a reliable partner of the state.” – emphasized Head Main Directorate of the STS in Volyn region Svitlana Savchuk.
Tax official of Volyn tax specialists noted that the growth of income tax revenues also indicates the STS’s effectiveness in direction of un-shadowing the economy.
“Tax specialists do a lot of analytical work to identify cases where the entity reports a fictitious negative business result. Preventing such tax evasion favors bona fide business as competitive conditions for the real sector of economy improve” – summarized Svitlana Savchuk.
Reference: during January – October 2020, the regional budget received 15 million UAH of the income tax from large taxpayers who are registered in the Lutsk department of enterprise’s tax support of Lviv department of the Large Taxpayers Office of the STS.