Since 1st January 2014 came into force Law of Ukraine 'On Amendments to the Tax Code of Ukraine on accounting and registration of taxpayers and improvement of its certain provisions' of 24.10.2013 № 657-VІІ. This document might greatly simplify conditions for opening and running own business. Let's consider the basic provisions of the Act.
- The newly established business entity has the right to register as VAT payer or single tax payer voluntarily after its registration without visiting the Ministry of Revenue and Duties of Ukraine authority automatically at the place of registration. Registration of entity as single tax payer by the Ministry of Revenue and Duties of Ukraine authority should be conducted within 2 working days from the date of receiving the application from such entity or Registrar of Companies.
- Shortened time for notice from the Bank to tax authorities on opening or closing of accounts of taxpayers from 3 days to no later than next working day from the date of opening or closing accounts.
- Certificates of Value Added Tax payer and Single Tax payer will be replaced by an extract from the Register of Value Added Tax payer and the Register of Single Tax payer. Registers of taxpayers will be placed on the subsite of the Ministry of Revenue and Duties of Ukraine where could be possible to get information about own registration as a taxpayer, and data about business partner. Information will be daily updated.
- Extracts from the Register of VAT or Single Tax payers can be obtained for free in accordance with the submitted application to the territorial authority of the Ministry of Revenue and Duties of Ukraine. Extract is provided by authority of the Ministry of Revenue and Duties of Ukraine within two working days, following the day of receipt of such request. Extract valid up to modifying the Register.
- Duty of the taxpayer to inform regulatory authorities about changes in their data is canceled, and state institutions will independently obtain necessary information in the Uniform Register of legal entities and natural persons - entrepreneurs.
- Prohibition (moratorium) to impose sanctions for failure or non-compliance with deadlines by natural persons to regulatory authorities information on data changes, that are entered into the State Register of natural persons - taxpayers, has been prolonged until 01.01.2016.
- Cancellation of registration of Single Tax payer may be made in case of tax debt for each first day of the month within 2 consecutive quarters. However, in case of cancellation of registration of single tax payer by the decision of tax authorities, the entity can get back to simplified taxation after four consecutive quarters.
- In case of not providing the tax invoice to the buyer, or violation of the order of its completion and registration in the Unified Registry seller has the right to submit a complaint against the contractor within 60 calendar days, following the deadline for submission of the document for the reporting period, in which the tax invoice has been not provided or violated the order of its completion or registration.
- Penalty charges for mistakes in the tax calculation 1-ДФ do not apply in cases if they have not led to an incorrect determination of the tax liability in Personal Income Tax.
