INCOME TAX DECLARATION: NEW FORM AND TERM FOR SUBMISSION, REPORTING PERIOD WHEN THE TAXATION SYSTEM IS CHANGED, TAX DIFFERENCES AND TRANSITIONAL OPERATIONS

As has been noted more than once, the submission of tax returns is an important part of the work of any business entity. And regulatory documents on reporting are constantly changing and updating. So, for example, the income tax return has also undergone changes regarding the form and deadline for its submission.

New form

The form of the new profit declaration is somewhat different from the previous one, namely:

• An additional line has appeared in it called "06.2 of the MTC "Income tax in the form of a minimum tax liability." This line is filled in by those taxpayers who are subject to such a minimum tax liability in 2022.
• The changes also affected the appendix of the RI declaration, where additional lines appeared, relating primarily to electricity producers "at a feed-in tariff."

To these changes, the tax authorities have prepared an explanation of the correctness of filling in the profit declaration.

Submission deadline

In fact, today there are two basic deadlines for filing a declaration - a quarter and a year. But for producers of agricultural products, declarations must be submitted in a special annual period, that is, from July 01 to June 30.

Reporting must be submitted within 40 days that end after the reporting period, that is, for the first quarter before May 10 of the corresponding year, and for the year before March 01, since the deadline for filing an annual declaration is 60 days.

Submission Form

The taxpayer independently determines in what form the declaration must be submitted. It can be either electronic or paper form. An electronic one is submitted through the taxpayer's office, and a paper one is submitted directly to the tax authority.

According to these innovations, income tax returns can be submitted by payers who are payers with low income (less than 40 million per year) and those taxpayers who were created and registered in the reporting year. The declaration at the end of the year is submitted by payers whose income exceeds 40 ml. hryvnia, as well as payers who wish to voluntarily submit a declaration based on the results of the quarter.

Accumulation of data in the declaration

For payers submitting an annual declaration, the data are presented for the entire year, for quarterly declarations, the data are submitted on an accrual basis.

Tax differences

Adjustment of data for tax differences is carried out by those taxpayers who submit a quarterly declaration. If an annual return is submitted, the tax difference will not be adjusted.

So, if from the above information you have doubts about the correctness and timeliness of filing an income tax return, you can always use the help of specialists in the field of tax law. After all, timely appeal is a guarantee of filing reports in accordance with the requirements of tax legislation.