Reporting on Personal Income Tax and USC will be made monthly

The Verkhovna Rada adopted the corresponding bill as a basis on September 6, 2022.

Reporting on Personal Income Tax and USC will be made monthly

Oksana Korotich

09.09.2022 | 10:05

1413

0

Information on the payment of USC and personal income tax from 2021 is presented in a consolidated report. Employers, tax agents, and any other taxpayers submit reports quarterly, no later than 40 days after the end of the reporting period.

According to representatives of the Pension Fund, this procedure led to:

  • weakening of payment discipline;
  • postponing the receipt of the information on the employees' wages in the register;
  • shifting the timing of the calculation of the average wage in Ukraine;
  • the impossibility of monthly analysis of metrics that have a direct impact on the replenishment of the Pension Fund’s budget.

Considering a number of shortcomings that have arisen, the Pension Fund of Ukraine has developed draft law No. 6120, which proposes to change the tax period for the payment of personal income tax and USC from quarterly to monthly. The adoption of the bill is meant to ensure the timely calculation of the insurance period, the appointment, calculation, and receipt of pensions and other social insurance payments.

253 people's deputies voted for bill No. 6120 on September 6, 2022. The document was adopted as a basis so that it will soon become known about the change in reporting on the payment of personal income tax and USC. In case of a final change in the Tax Code, taxpayers will report under the new rules from 2023.

Also, the President recently signed a law that will no longer keep the average wage for the mobilized.

Comments