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Draft Law of Ukraine “On Personal Income Tax” The draft law on personal income tax is the revised version of the draft N 1111 that was introduced by the people’s deputy S.A.Teriokhin. The present version takes into account provisions of alternative draft laws introduced by other subjects of legislative initiative, including those of the Cabinet of Ministers of Ukraine. According to this draft law there shall be defined the core principles of taxation with regard to natural persons, personal income taxpayers, taxation objects, tax rates and privileges in taxation, peculiarities of taxation with respect to certain types of income, the procedure for assessing and levying tax. It is envisaged to introduce a progressive-regressive scale of personal incomes taxation. According to the offered scale the following tax rates shall be applied to tax personal incomes:
According to the draft this tax shall be paid by residents, who gain income from the sources located in Ukraine and/or abroad, as well as by non-residents receiving income from the sources in Ukraine. The taxation objects are the taxed total income for the reporting period and incomes subject to final taxation at their repayment. The taxed income shall be determined by means of reducing the total revenue by the amount of expenses included into the tax credit during the reported year. The draft law defines the structure of total incomes and exceptions from total incomes, as well as the structure of tax credit. It is envisaged to include into the total incomes, in particular, income received as wages, salaries, bonuses, royalties, author's emoluments, revenue from the sale of property, income received as interests, dividends and other incomes provided they are not specified in this draft law. The amount of the taxed total annual income is determined by a tax body on the basis of information submitted to the tax body by persons that paid incomes to a taxpayer. When declarations are submitted to a tax body, there shall be taken into account an amount of the annual total income indicated in this declaration. The declarations shall be filled in by a taxpayer or by the person authorized by such taxpayer and shall be sent to a tax body via mail or delivered personally. This draft law, if adopted, will come into force on January 1, 2003. | ||||||||||||||||||
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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