Head of State Volodymyr Zelenskyy signed Law No. 786-IX “On Amendments to the Tax Code of Ukraine regarding the functioning of an electronic cabinet and simplifying the work of individuals – entrepreneurs”, which the Verkhovna Rada adopted on July 14, 2020. The law provides for the simplification of accounting for individual entrepreneurs (FOP), access to the taxpayer’s electronic office and expansion of its functionality.
In particular, the document provides for the abolition of the obligatory income accounting book for individual entrepreneurs. Individual entrepreneurs of groups I-III on the simplified taxation system can keep records in any convenient form (paper or electronic) indicating the amount of income for the month. Individual entrepreneurs on the common taxation system will also be able to keep records in paper or electronic form, but in a standard form determined by the Ministry of Finance.
In addition, the law cancels the agreement on the recognition of electronic documents for registration in the electronic cabinet of the taxpayer and provides that tax notifications are displayed in the electronic cabinet.
The document also amends the Tax Code in order to create favorable conditions for business and investors. In particular, the conditions for tax audits have been facilitated. When checking the registration of employees, the ability to interview employees and employers about paid passive income and other additional benefits and compensations has been removed.
Recall that last week the government approved the “Forecast for the development of Ukraine for 2021-2023”, by the end of the period, the minimum wage will increase to 7176 UAH, and ERUs for private entrepreneurs – to 4736 UAH per quarter. At the moment, the updated Unified State Register of Entrepreneurs is being launched in Ukraine; from August 5 to 16, new registrations of private entrepreneurs, public funds and legal entities are not carried out.
Source: President of Ukraine