Companies with unstable profit to be able to defer tax advance payments, says lawyer

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July 9, 2012, 3:23 p.m. | Business — by Interfax-Ukraine


Companies making seasonal business will be able to defer payment of tax advances until the end of the reporting year, PSP Audit Managing Partner Dmytro Sushko has told Interfax-Ukraine.

He said this, when commenting on the law on amendments to the Tax Code of Ukraine (the State Tax Service in connection with the administrative reform in Ukraine) adopted by the parliament.

He explained that the document from January 1, 2013 introduces the obligation for enterprises with income over the last annual reporting period to pay monthly tax advance payments on profit tax at a rate of more than UAH 10 million.

"The calculation and approval of the tax liability can be compared to the current tax on land. When determining the object of taxation, the companies will pay an advance payment of profit tax at a rate of not less than 1/12 of taxes payable for the preceding fiscal year without providing tax returns," said Sushko.

According to him, according to the law, companies, which did not see profit in the first quarter, can get the right not to make advance payments in the following second, third and fourth quarters. If the company receives a first-quarter profit, but in all the other quarters it sees losses, it will not be exempt from making advance payments on profit tax.

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