TAX PLANNING IN THE CONDITIONS OF QUARANTINE

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Perepelchenko Anatolii

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TAX PLANNING IN THE CONDITIONS OF QUARANTINE

Reading time: 2 min.

 The situation of the last days worries almost every Ukrainian. After all, such severe quarantine measures are not remembered by even the oldest population. Every day we have to hear disturbing information from the media. But such measures have the greatest impact on small and medium-sized businesses. Entrepreneurs who buy the product are forced to pay rent and pay taxes. But what about quarantine? If the sale of goods and leases can somehow be resolved, then tax obligations need more attention.

 Therefore, tax planning is an activity that allows you to develop a procedure for paying tax payments in order to use the enterprise funds efficiently. Quarantine tax planning is a sharpshooter for entrepreneurs and small businesses, as there may be no income during this period and no one has abolished tax obligations.

 In order to reduce the tax pressure on entrepreneurs in quarantine, the Verkhovna Rada of Ukraine on March 17, 2020 adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Support of Taxpayers for the Period of Measures to Prevent the Occurrence and Spread of Coronavirus Disease (COVID-19) ».

What does this mean and how will it affect tax payments?

  • First, the Law provides for a 3-month delay in the mandatory introduction of PPOs for all entrepreneurs who are on the simplified tax system.
  • Secondly, for two months (March and April), entrepreneurs are exempted from paying a single social contribution for themselves. This also applies to those pursuing an independent professional activity.
  • Thirdly, a number of checks are banned, namely it is forbidden to carry out checks on the correctness of the calculation and calculation of the ERUs
  • Fourth, the annual declaration of property and income can be submitted by 01 July 2020.
  • Fifthly, it is exempted from the payment of land rent and real estate tax.

 In general, the introduction of quarantine can be equated with force majeure, which absolves the parties of the legal relationship from liability for default.

 Therefore, during the quarantine period, entrepreneurs have certain tax breaks provided by law. When planning your taxes, it is important to keep in mind that you can use your taxpayer’s office and make basic payments through online banking to avoid leaving your home again. Almost all government organizations during this period provided advice via telephone or email. In the taxpayer’s office there is also a function of correspondence with the GFS, where you can ask questions about the payment of a specific obligation and get an answer as soon as possible.

 Therefore, it is possible to pay taxes either through online services or after the end of restrictive measures. There will be no penalty for late payment.

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