Tax Code of Ukraine stipulates that the single tax payers of the I and the II groups shall pay a single tax by making advance payment not later than the 20th day of the month. If a taxpayer has not made advance payments in the manner and time set by law, then in accordance with paragraph 1 of Article 122 of the Tax Code, the penalty of 50 percent of the selected single tax rate and interest that is accrued on the amount of tax debt shall be imposed on him or her.
Experts of Uzhgorod STI emphasize that non-payment of even a small proportion of the down payment is punishable by the fine in full amount – 50% of the single tax rate.
Therefore, entities that are subject to a simplified tax system and chose the group I or II of the single tax, are advised to ensure the timeliness and completeness of advance payment of contributions to the budget.
By Uzhgorod STI
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