On 19.01.2021 expires the deadline for payment of single contribution for the IV quarter of 2020 by individuals – entrepreneurs, including those who chose the simplified taxation system, individuals involved in independent professional activity and farm members according to the third paragraph of Part 8 Article 9 of the Law of Ukraine as of 08.07.2010 № 2464-V “On collection and accounting of single contribution to compulsory state social insurance”.
Legislation regarding the single contribution defines standard conditions for its payment by the specified payers in amount not less than size of the minimum insurance contribution but not more than the maximum size of its accrual base.
The Law of Ukraine as of 14.11.2019 № 294-ІХ “On the State budget of Ukraine for 2020” determined that the minimum wage from 01.09.2020 is 5000 UAH, respectively the minimum amount of single contribution per month is 1100 UAH and 3300 UAH for the IV quarter of 2020.
At the same time, according to Paragraph 9 10 and 9 16 Section VIII “Final and transitional provisions” of the Law of Ukraine №2464, there are temporary exemptions from accrual, calculation and payment of single contribution for individuals – entrepreneurs who chose the simplified taxation system and who belong to Group I of the single tax payers and individuals – entrepreneurs registered on the general taxation system in part of payable accrued and calculated amounts of single contribution by such individuals for themselves for the periods from 01.12 to 31.12.2020.
Such payers may decide on the accrual, calculation and payment of single contribution for the specified period in amounts and in manner prescribed by the Law № 2464. In this case, information on the paid amounts shall be indicated in reporting on the accrual of single contribution for the reporting period specified for such individuals by the Law № 2464.