IS IT NECESSARY TO SUBMIT A QUARTERLY DECLARATION OF PROPERTY STATUS TO A NEWLY CREATED INDIVIDUAL ENTREPRENEURSHIP?

According to paragraphs 177.5.2 TCU natural persons – entrepreneurs who are registered during the year in accordance with the procedure established by law, or switch to a simplified system of taxation, accounting and reporting, or have switched from a simplified system of taxation, accounting and reporting, submit a tax declaration on property status and income (further – tax declaration) based on the results of the reporting year in which such activity was started or the transition to (transition from) a simplified system of taxation, accounting and reporting took place. Tax payers calculate and pay advance payments within the terms specified in para. 177.5.1 TCU that will occur in the reporting tax year.

At the same time, the tax declaration for the basic reporting (tax) period, which is equal to the calendar year, is submitted by self-employed persons, including natural persons – entrepreneurs, by May 1 of the year following the reporting period, except for the cases provided for in Chapter IV of the Civil Code (clause 49.18. 4 of the TCU).

Prepared by PhD, Assistant Lecturer Anna Filatova.