The debt under the loan agreement cancelled by the bank is considered the payer's income
If the creditor, by his own decision, at the expense of the insurance reserve, cancels a citizen's debt that arose prior to the expiration of the limitation period under the loan agreement, then the transaction is recognized as an income received by a taxpayer as an additional benefit and is subject to the tax on personal income.
The procedure for the settlement of bad debts is set out in the paragraph 159.1 of Article 159 of the Tax Code of Ukraine.
The Tax Code stipulates that the bank, at the expense of the insurance reserve, shall reimburse the debt, which is defined as bad according to the method prescribed by the National Bank of Ukraine in coordination with the Ministry of Finance of Ukraine.
According to Article 164 of the Tax Code of Ukraine, the total monthly taxable income shall include the income received by the taxpayer as an additional benefit in the form of debt, canceled by the creditor by his own decision, not related to the bankruptcy proceedings, before the expiry of the limitation period. If the creditor notifies the debtor on cancellation of debt by registered mail or in person against his or her signature, such taxpayer shall include this income in the annual tax return and pay the tax.
The amount of the debtor's income as the sum of the canceled debt is indicated by the creditor in the tax calculation number 1ДФ for the period in which the debt was canceled, on the basis of income "126".
However, if the creditor fails to notify the payer in the prescribed manner on the amount of the canceled debt and its inclusion in the tax calculation number 1ДФ, such creditor shall be obliged to fully perform the duties of the tax agent set out by the provisions of Article 176 of the Tax Code. Such income shall be taxed as part of the total monthly taxable income of the taxpayer at 15 (17)% rate.
Source: Main Office of the Ministry of Income in Transcarpathian region
ОБЩАК ПР — «ЗАХІДІНКОМБАНК» банкрут !!! НБУ по вказівці Януковича покривае цей ОБЩАК щоб вкладники не отримали свої депозити.
Дмитро Тужанський: угорській громаді Закарпаття потрібні гарантії їхніх прав та увага української влади як до повноцінних громадян
8 December 2017 21:13