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Government continues to simplify business environment

Posted by the Editor on January 31, 2014


News / 31 January 2014 | 10:54

Government continues to simplify business environment

Government continues to simplify business environment

The Ministry of Revenue and Duties has plans to introduce integrated tax reports for personal income and social contribution in the near future, according to the press service of the Ministry, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
 Experts of Taxpayers Association of Ukraine (TAU) explain that now companies and individuals-entrepreneurs are forced to submit two reports simultaneously: on personal income tax (PIT) and a single social contribution (SSC). At the same time, both report are based on the salary of hired workers. In this regard, the issue of integrating these two reports into one was raised several times  at the meetings between business and Ministry of Revenue.
Integrated reporting will help reduce document flow for businesses and self-employed people, as well as reduce time for taxation procedures.
Ministry experts propose to standardize document flow, as well as PIT and SSC payer databases. As for the integrated report, employers have two options: attaching SSC data to the general income declaration or, conversely, attaching PIT data to SSC report.
Experts positively review the innovations, aimed to reduce the types of reporting and simplification of their preparation. They remind that originally it was the Ministry of Revenue that initiated changes in the law allowing to transfer SSC reporting from the Pension Fund to them. That helped reduce the supervision loop.
They also recall that cutting a number of licenses, various kinds of mandatory reporting, switching to electronic reporting helped improve ease of doing business in Ukraine.

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