Main Directorate of the STS in Ivano-Frankivsk region reported that budgets of all levels received 4.436.7 million UAH of the personal income tax during January – October 2020. Revenues have increased by 91.9 million UAH comparing to the corresponding period in 2019.
Of the total amount, the state budget received almost 1.125.6 million UAH of the PIT, which is 91.9 million UAH more than in 2019. Local treasuries received 3.311.1 million UAH, which is 274.5 million UAH more than in 2019.
Tax specialists noted that personal income tax is the main tax that forms revenues of local communities. In general, the revenues growth to local budgets indicates the effectiveness of outreach work carried out by the Tax service jointly with local communities on the declaration of hired labor and payment of taxes to the budget.
Reminder! Business entities (tax agents), that accrue (pay) income that is subject to taxation in favor of individuals, are obliged to withhold personal income tax and pay it to the budget.
Herewith, if the taxable income is provided in non-monetary form or is paid in cash from the tax agent’s cash desk, the personal income tax is transferred to the budget within 3 banking days from the day following the day of such payment. However, if the taxable income is accrued by a tax agent, but is not paid to the taxpayer, the PIT must be paid to the budget not later than 30 calendar days following the month of accrual of income.