BUSINESS STILL RECEIVES BENEFITS AND REFUNDS

 Bills 4429 and 4430, one of which I recently wrote about, were adopted by the Verkhovna Rada of Ukraine in the first reading and are being signed by the President. Bars, cafes, restaurants and other catering establishments automatically renew their licenses to trade in alcohol until the end of quarantine and 3 months after its end.

 Business entities that work on leased property of communal or state form of ownership and due to quarantine restrictions will not be able to carry out their activities will be exempt from paying rent. Most likely, the exemption from rent will have to use the mechanism known since the spring with certificates of force majeure from the Chamber of Commerce and Industry. In addition, lease agreements for state and municipal property were extended for the period of quarantine and one month after the end of quarantine.

 As I mentioned in the last article, one of the bills provides for the payment of up to UAH 8,000. for sole proprietors, employees and employers of legal entities. Immediately after signing the bill, the monetary compensation will become real and it will be possible to apply to the relevant authorities for it.

 The next nice gift is writing off debts. If you have a tax debt as of November 1 and it is less than UAH 3,060, the tax service will automatically write off such debt. If, under certain circumstances, the write-off does not happen, then I recommend writing a statement-letter to the STI with a request to write off the debt in accordance with the above bills (at the time of writing, they will already be relevant laws).

 If you have a tax debt in the amount not exceeding UAH 6,800, their payment is deferred until December 27. This means that you will not be subject to any penalties (fine, penalty) for late payment.

 Individual entrepreneurs in the 1st group of taxation are exempt from taxes, including the single tax and the single social contribution, until May 2020. Unfortunately, this innovation does not apply to sole proprietors in groups 2, 3 and 4 of the simplified taxation system.

In addition to the above, here are some interesting innovations:

• One-time material assistance to insured persons and business entities is not subject to personal income tax;
• The financial result before income tax is reduced by the amount of one-time compensation received by business entities;
• Inclusion of insurance experience for the period when the person received partial unemployment benefits for the period of quarantine;
• The period during which quarantine restrictions led to the loss of work is included in the insurance period;
• The so-called "sleeping FOPs" debtors on the single social contribution continued to write off debts until March 1, 2020.

 For legal and accounting assistance, contact the law firm"Prikhodko and Partners", we will be happy to help you!