Declaration and taxes: what changes from the Ministry of Finance should be taken into account

18 February 2024, 17:07 | Economy
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Before the full-scale invasion, the authorities introduced changes aimed at taxing income from the sale of second and subsequent residential properties. The concept of “future real estate” also appeared (these are rights to residential properties that must be registered with a notary). Now these changes should be reflected in the declaration, but the changes apply not only to property, experts told Crowe Mikhailenko, writes fin. informer.

By Order of the Ministry of Finance No. 467, changes were made to the form of the declaration of income and property status. We also changed the instructions for filling it out. This will, in particular, affect the taxation of real estate sales, as well as the activities of volunteers.

Volunteer activities. There will now be a benefit for funds (property received by volunteers for further transfer for humanitarian or military needs). The point is that these funds or property will not be counted as income. This will also be reflected in the declaration. It is important that the person is included in the register of volunteers.

Action Network. A new benefit has appeared that allows you to calculate from taxable income the amount of expenses for the acquisition of shares before the company entered the City Actions mode of income for the amount of expenses for the acquisition of acts. In this case, the total amount cannot exceed the amount of the taxpayer’s annual total taxable income received in the form of dividends, except for the amounts of dividends not included in the calculation of the total monthly (annual) taxable income.

Payment systems. As a result of the adoption of the law on payment systems, amendments to the Tax Code of Ukraine appeared under it.. The point is that now the composition of travel expenses, which, if there is documentary evidence, is not subject to personal income tax and military taxes, has been clarified.

Foreign companies. This applies only to those companies owned by residents of Ukraine.

Now the legislation provides for pass-through taxation of income, when an individual, upon the distribution of income of a Ukrainian company in favor of a foreign holding, must reflect taxable income at a rate of 5% or 9%, recognizing this as a kind of dividends, as if received directly from a Ukrainian legal entity. This is taken into account in the declaration form that citizens submit when they travel abroad.

It was reported that even one day of holding a relevant position in the period from January 1 to March 31, 2024 provides for the obligation to submit a declaration if work in such a position requires declaration, reminds the NAPC and publishes an updated list of cases when citizens of Ukraine must submit the relevant data according to the system.

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