Budgets of all levels received 2.3 billion UAH of the personal income tax during January – October 2020. Revenues have increased by 158.6 million UAH comparing to the corresponding period in 2019.
Of the total amount, the state budget received more than 610.1 million UAH of the PIT, which is 38.3 million UAH more than in 2019. Local treasuries received 1.7 billion UAH, which is 120.2 million UAH more than in 2019.
Tax specialists emphasized that the personal income tax is the main tax that forms revenues of local communities. 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 it should be noted that if the taxable income is provided in the non-monetary form or is paid in cash from cash desk of the tax agent, the personal income tax is transferred to the budget within 3 banking days from day following the day of such payment. However, if the taxable income is accrued by the tax agent, but is not paid to taxpayer, the tax must be paid to the budget not later than 30 calendar days following the month of accrual of income.