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Vorozhbitova Krystyna

Chief Accountant

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Individual entrepreneurs often contact our company with the question: “Is it necessary to have primary documents to confirm the origin of the goods and is it necessary to keep records by analogy with legal entities?”

Due to the fact that by order № 496 of 03.09.2021, the Ministry of Finance of Ukraine approved the Procedure for keeping records of inventories for individual entrepreneurs, including single tax payers, this essentially changed the rules that existed prior to its adoption.

The procedure establishes and regulates the rules for accounting for commodity stocks. You need to understand that the Rules regulate the activities of an individual entrepreneur:

  • on the general taxation system;
  • VAT payers (general system or group 3);
  • specific types of activity (trade in medicines, medical products, jewelry, precious stones, technically complex bit products).

That is, the rules for keeping records of commodity stocks apply to persons that are obliged to issue a fiscal receipt by the Law “On RSO”. Consequently, fiscalization entails a stricter and clearer approach to the management of commodity values.

Earlier we said that the absence of primary documents entails liability for clause 121.1 of the Tax Code in the form of a fine in the amount of UAH 510, and for repetition – UAH 1020. We can assume that the establishment of more detailed control over the movement of commodity values ​​in the future will lead to an increase in the number of inspections and the amount of responsibility of business entities. In addition, such approaches make the simplified taxation system more similar to the usual one, which is unacceptable for small businesses.

Order № 496 provides for maintaining the Form for recording information on receipts and disposals of goods, an integral part of which is the preservation and accounting of primary documents. Thus, we see that, in fact, the absence of primary documents will entail in parallel the violation of the order, which may have ambiguous consequences.

The procedure provides for two forms of maintaining such records:

  • paper;
  • electronic.

The accounting form includes filling in the following data:

  • date of entry;
  • details of the primary document;
  • supplier name;
  • cost of goods upon purchase and upon sale, and other data.

Please note that the Procedure has not yet entered into force because it has not been published. But the individual entrepreneurs should already be familiar with the new responsibility. Many experts have already found some similarities with the income and expense book, but in a more detailed format. It is also unclear whether it will be necessary to keep the Form and record income and expenses at the same time, since there is duplication of information. But in fact, only practice will show how it will work.

Prikhodko & Partners Law Firm knows the intricacies of bookkeeping and will definitely help you solve your problems and give answers to your questions. Contact us with pleasure and we will help you.

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