Since January 1, the law came into force "On Making Amendments to the Tax Code of Ukraine and some Legislative Acts of Ukraine Regarding the Simplified System of Taxation, Accounting and Reporting."

In compliance with the law, the State Tax Service of Ukraine in Kyiv reports, conducting of small business according to the simplified system has been changed, in particular, taxpayers of a single tax are divided into three categories, UKRINFORM reports.

In particular, the first category includes entrepreneurs, whose profit amount will not exceed UAH 150,000 (USD 1- 7.99 UAH). For them, a single tax rate makes up from 1% to 10% of the minimum wage. Those businessmen should not have salaried employees.

The second category includes entrepreneurs, whose income will not exceed UAH 1 million and the number of hired labor - 10 persons. The single tax rate makes up from 2% tо 20% of the minimum wage.

The third category includes entrepreneurs, whose amount of earnings will not exceed UAH 3 million, and the number of working personnel - 20 persons. As regards the tax rate for this category, it will be at the level of 5% without VAT payment and at the level of 3% in case of the parallel registration as VAT payer.

The fourth group includes entrepreneurs or legal persons, whose volume of incomes does not exceed UAH 5 million. They will be able to hire 50 workers. The tax rate is set at 3% or 5%.

Economic entities, who were VAT payers, as well as legal and natural persons-entrepreneurs, who were payers of other duties and taxes, set by the Tax Code, and decided to transfer to the simplified taxation system since January 1, should submit relevant applications no later than January 25, 2012. The application about choosing the simplified taxation system also is submitted no later than January 25.

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