Switching from the general to the simplified system of taxation: what needs to be done?

6 September 2013 18:01  32345444 046189
Switching from the general to the simplified system of taxation: what needs to be done?

First - to apply to the supervisory authority no later than 15 calendar days before the beginning of the next calendar quarter. Second: an entity that is a payer of other taxes and charges in accordance with the provisions of the Tax Code of Ukraine may switch to simplified taxation system once per calendar year.

The Main Office of the Ministry of Income in Transcarpathian region emphasize that any entity may switch to the simplified taxation system provided that during the calendar year preceding the period of switching to the simplified system of taxation such entity followed the requirements set out in paragraph 291.4 of Article 291 of the TCU.

Also, the entity has to attach to the application the calculation of income for the previous calendar year. If the entity, during the calendar year preceding the year of switching to the simplified tax system, decided to voluntarily terminate an individual - entrepreneur, then at switching to the simplified taxation system, the entire amount of income earned by such individual as a result of economic activities in such preceding calendar year is included in the calculation of income for such previous calendar year.

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