Filling out and submission of declaration on property and income
In connection with the launch of the campaign “Declaration of incomes of citizens for 2017”, as the press service of the State Fiscal Service informed, many Ukrainians will have to comply with the new requirements. We remind that citizens who received income in 2017, from which no taxes were paid, would have to file a declaration on property and income according to the updated form approved by the Cabinet of Ministers. The lawyers of the company Finance Business Service will provide you with thorough consultation on the issues how to fill out and file a tax return, as well as take over the burden of passing this bureaucratic procedure and solving all the difficulties that have arisen. We also offer you a summary of the requirements, deadlines and other important points regarding the declaration of income of natural persons in 2018.
The declaration is submitted before May 1, 2018 by natural persons who received:
- income not exempt from taxation, from which personal income tax was not withheld on their calculation or payment;
income from a person who is not a tax agent, including:
- lease of own movable or immovable property;
- sale (exchange) of own property;
- sales of own agricultural products by natural persons, etc.;
- inheritance (gift) from persons who are not family members of the first degree of kinship;
- investment income received from transactions with investment assets;
- income received abroad.
The declaration is submitted in a different period by natural persons who travel abroad for permanent residence - no later than 60 calendar days preceding the departure.
IMPORTANT! If this declaration is not filed, the tax authority will not issue a certificate of payment of taxes and lack of tax liabilities. It will entail the impossibility of a natural person to leave for a permanent place of residence abroad, since a natural person will not be able to complete all necessary customs formalities.
The declaration is not submitted by natural perіons who received income:
- from tax agents who, according to the Section VI of the Tax Code of Ukraine, are not included in the total monthly (annual) taxable income;
- exclusively from tax agents, regardless of the type and amount of the accrued (paid, provided) income, except for the cases directly provided for in the Section VI of the Tax Code of Ukraine;
- from operations of sale (exchange) of property, donation, during the notarial certification of contracts for which the tax was paid in accordance with the Section VI of the Tax Code of Ukraine;
- in the form of inheritance objects, which according to this section are taxed at the zero tax rate and/or from which the tax was paid in accordance with clause 174.3 of Article 174 of the Tax Code of Ukraine.
The taxpayers are exempt from the obligation to file a declaration regardless of the type and amount of income received that:
- are juveniles/minors or incompetent persons and at the same time are fully supported by other persons (including parents) and/or the state as of the end of the reporting tax year;
- are under arrest or are detained or sentenced to imprisonment, remain in captivity or imprisoned in the territory of other states at the end of the deadline for the submission of the declaration;
- are wanted at the end of the reporting tax year;
- are on military service at the end of the reporting tax year;
- in other cases, as defined in the Section VI of the Tax Code of Ukraine.
Documents required to fill out the declaration
The following documents are necessary (the list is not exhaustive) to determine whether a certain type of income is to be included in the declaration:
contracts (investment, purchase and sale, rent, donations, etc.);
certificates of the right to inheritance;
documents confirming payment of taxes by a tax agent;
valuation of property (in cases directly provided by the law).