Closing the series of the posts devoted to the amendments made to the Tax Code of Ukraine by the Law No 3609-VI (draft law No 8217), at this stage I would like to focus on those of them related to personal income taxation. Please, bear in mind that in my posts of 29 July 2011, 18 August 2011 and 6 September 2011 I already outlined the amendments brought by this law with regard to the administration of taxes, VAT and corporate income tax, respectively.
Hence, personal income taxation was confronted with the following changes:
- it is clarified that, similarly to salaries, the unified social contribution does not constitute the tax base for the income derived from works (services) performed (rendered) under civil agreements;
- it is specified that a taxpayers is entitled to utilize tax discount only by the end of the year following the reporting year;
- it is determined that in the case a tax agent has accrued the income in favor of a taxpayer, but has not paid it to the taxpayer yet, such a tax agent is still under obligation to remit the personal income tax to the state budget and must do so within the period established by the Tax Code of Ukraine for the monthly reporting period;
- the approach to the recognition of securities traders, including banks, as tax agents was altered. While formerly they were considered tax agents provided that the respective agreement had been entered into with the taxpayer, pursuant to the amendments made they are treated as tax agents irrespective of the conclusion of the mentioned agreement.
- the list of incomes and expenses taken into account while assessing derivatives transaction was set forth.
No comments:
Post a Comment