Finance Ministry proposes to introduce quarterly declaration of corporate income tax

A relevant draft order of the Ministry of Finance is posted by the State Fiscal Service of Ukraine on its official web site.

"The draft order is developed in connection with the adoption by the Verkhovna Rada of Ukraine of the Law of Ukraine of 24.12.2015 № 909 "On Amendments to the Tax Code of Ukraine and selected legislative acts of Ukraine on ensuring the balance of revenues in 2016". Adoption of this normative act will ensure harmonization of corporate income tax declaration with this Law," reads the statement.

Thus, according to the legislative changes, it is proposed to introduce quarterly declaration of corporate income tax.

In addition, it is proposed to exclude from the tax return the rules on monthly advance payments of corporate income tax in the amount of 1/12 of the tax assessed for the previous reporting (tax) year.

Also, it is proposed to determine the advance payment of corporate income tax in the amount of 2/9 of tax that is due to be paid by December 31, 2016.