The President of Ukraine signed a decree terminating the activities of the National Commission for State Regulation of Financial Services Markets (hereinafter – National Commission). A special commission will be set up to liquidate the National Commission.
Tetiana Halabudska, Chief of Staff of the National Commission, was appointed Chairman of the Liquidation Commission. She must inform the results of the liquidation within three months.
The head of state instructed the Cabinet of Ministers of Ukraine to resolve the issue of using state-owned objects managed by the National Commission.
It should be reminded that on July 1, the National Bank assumed the authority to regulate non-banking financial services markets in connection with the law on “split” passed by the Verkhovna Rada of Ukraine, which provided for the liquidation of the National Commission.
The State Tax Service of Ukraine (hereinafter – STSU) in information letter No. 13 has specified the innovations introduced by Law of Ukraine “On Amendments to the Tax Code of Ukraine to Improve Tax Administration, Eliminate Technical and Logical Inconsistencies in Tax Legislation” No. 466-IX of January 16, 2020 (hereinafter – Law No. 466), on changing the terms of registration of tax invoices.
Thus, the STSU has answered for which tax invoices (hereinafter – TI) registration period in the Unified Register of Tax Invoices (hereinafter – URTI) can be extended.
Law No. 466 established an extended period of registration in the URTI for consolidated TI and/or adjustment calculations to such consolidated TI, drawn up for the transactions specified in item 198.5 of Art. 198 and item 199.1 of Art. 199 of the Tax Code of Ukraine (hereinafter – Tax Code).
From 23 May 2020, such registration must be made within 20 calendar days following the last calendar day of the month in which the invoices are drawn up.
Therefore, for consolidated TIs drawn up for transactions carried out in June 2020 in accordance with item 198.5 of Art. 198 and item 199.1 of Art. 199 of the Tax Code, the deadline for registration in the URTI is July 20, 2020 (also, June 20 is the last day of registration of consolidated invoices for May).
If the deadline for registration of TI and/or adjustment calculations in the URTI falls on a day off or holiday, such day is considered business, which provides the possibility of registration of TI and/or adjustment calculations during the period from 8:00 to 20:00. For example, September 20, 2020, which falls on a Sunday, is a business day.
The State Tax Service of Ukraine has published a general algorithm for calculating the amount of the tax benefit.
The list of documents for obtaining a tax benefit has been expanded.
The algorithm for calculating the tax benefit is as follows:
- on the basis of supporting documents the amount of expenses which is allowed to be included in a tax benefitt is defined;
- the tax base is determined by deducting from the total annual taxable income the amounts of applied social tax benefits and the amounts of expenses that may be included in the tax benefit (information on the amounts of accrued total annual taxable income, applied social tax benefits, withheld personal income tax (hereinafter – PIT) the individuals receive in the form of a certificate of income from their employer).
The STSU has pointed out that the the amount of expenses incurred by the taxpayer is not refunded to the taxpayer, but the difference in the amount of PIT obtained as a result of reducing the tax base by the amount of expenses allowed to be included in the tax benefit.
As a result of the recalculation there is an overpayment of personal income tax, as the total annual taxable income is reduced by the amount of expenses incurred to be included in the tax rebate.
The amount to be refunded to the taxpayer shall be credited to the latter’s bank account opened with any commercial bank or sent by postal transfer to the address specified in the property and income tax return within 60 calendar days of receipt of such tax return to fiscal authority.
Example of calculation
In 2019, the father spent UAH 25,000 on the education of his son (or another family member of the first degree of kinship).
The father's salary for 2019 amounted to UAH 200,000, UAH 36,000 of personal income tax was deducted from it (18% of the income received). The social tax benefit was not applied to the father's salary.
We calculate the amount of personal income tax to be refunded as a result of the taxpayer's application of the right to a tax benefit:
1) determine the tax base, reduced by the amount of education costs:
200 000 - 25 000 = 175 000 UAH;
2) determine the amount of PIT from this database:
175 000 × 18% = 31 500 UAH.
2) The amount of PIT to be refunded to the payer is the difference between the tax actually withheld and the tax to be withheld as a result of the tax rebate: 36,000 - 31,500 = 4,500 UAH.
Thus, the amount of personal income tax to be refunded as a result of the taxpayer's use of the right to a tax benefit is UAH 4,500.
The State Tax Service of Ukraine in individual tax consultation “Is it possible to assign the authority to sign cash orders to one employee (store manager) so that he/she could sign them on the behalf of the head, chief accountant and cashier, provided that he/she will be given the appropriate authority by the company” No. 2499/10/26-15-05-09-01/ІПК of June 22, 2020 has stated that the absence of a cashier does not exempt an entity from complying with strict requirements for conducting cash transactions.
Honorary responsibilities for the issuance of cash documents may be assigned to another employee.
For example, if the store employs only the seller and the manager, the latter can be authorized to sign cash documents for on the behalves of both the head and the chief accountant. The main condition is that he/she is given the appropriate powers in accordance with the relevant internal administrative act on the list of positions and the number of officials authorized to sign cash documents.
You can confirm the authority, in particular, as follows:
- the relevant responsibilities are expressly provided in the job description of such employee;
- the powers for their implementation are given by orders of the head of the enterprise;
- the authority to sign cash orders on behalf of the head of the enterprise is fixed by the power of attorney;
- a contract has been concluded with such an employee on full individual financial responsibility related to the performance of the cashier's duties.
The State Labor Service of Ukraine has explained how to act if the employee wants to receive monetary compensation instead of annual leave.
In accordance with Part 4 of Art. 24 of Law of Ukraine “On Leave” No. 504/96-ВР of November 15, 1996 provides for the replacement of part of the annual leave with monetary compensation at the request of the employee.
The duration of annual and additional leave granted to an employee shall not be less than 24 calendar days.
Therefore, compensation is possible only within the working year and after its end, provided that the employee has used 24 calendar days of the annual main and additional leave for this working year.
If the employee has unused annual leave of 24 calendar days each, he/she will not be able to receive compensation.
This requirement is due to the fact that the leave is granted to the employee primarily for rest and health promotion, so the law prohibits the employer to compensate with money for unpaid leave.
A certain category of employees, namely persons under the age of 18, is not allowed to replace all types of leave with monetary compensation.
Accumulate, and then use or receive compensation can only be for annual leave under item 1 of Part 1 of Art. 4 of the Law of Ukraine “On Leave” No. 504/96-ВР of November 15, 1996, and additional social leave for children in accordance with Art. 19 of this Law. Such leave includes: annual basic leave; annual additional leave for work in harmful and difficult working conditions; annual additional leave for special work; other additional annual leave provided by law; additional social leave for employees who have children or an adult child with a disability from childhood of subgroup A of group I.
If an employee resigns and has unused leave for previous years or the current year, but does not want to take them, the company pays monetary compensation for all days of these leaves.
Irrespective of the year for which the leave is granted, the average earnings of the employee for the last 12 calendar months are taken into account for the calculation of leave. The amount of compensation is calculated as the product of average daily earnings and the number of calendar days of unused leave. Additional leave for employees who have children or an adult child with a disability from childhood of subgroup A of group I is granted not for a working year, but for a calendar year. Therefore, in case of dismissal of an employee at the beginning or in the middle of the year, the employee receives compensation for such full-time leave.
