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Draft Law of Ukraine "On Natural Persons’ Income Tax" This draft envisages the following rates to tax annual total income:
This draft proposes to determine total income subject to taxation over reporting year by means of reducing the amount of gross revenue by the amount of evidenced by documents taxpayer’s expenditures. This draft law establishes the procedure for identifying gross revenue and exhaustive list of allowed expenditures. Other taxation rates are suggested to be applied to incomes from certain, determined sources, such as profits from sale of real estate, interest yields, dividends and royalties, incomes in the form of gifts, insurance payments and non-government pensions. This draft also establishes tax social privileges, i.e. amounts the calculated tax shall be reduced by. A separate article of this draft law regulates taxation of natural persons being business entities. This article also outlines peculiarities of simplified system application to taxation, accounting and reporting of natural persons being business entities. It is proposed that the simplified taxation system may be applied only towards natural persons employing no hired workers, and whose turnover of sales of goods (works, services) per calendar year does not exceed 120,000 UAH. | ||||||||||||||||||
Summary is prepared by Yaroslav the Wise Institute of Legal Information. O 2002-2004. Yaroslav the Wise Institute of Legal Information. All rights for the provided information are protected in accordance with the legislation of Ukraine. Reference to Yaroslav the Wise Institute of Legal Information is obligatory when making use of these materials. tel/fax (380-44) 254-00-00 www.welcometo.kiev.ua e-mail: ili@ili.kiev.ua |
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