What should a taxpayer undertake?
The due date for paying taxes is the period from the moment a tax debt arises linked with a particular tax till the last day for paying the said tax. The tax not paid within the specified period is regarded to be not paid in time, the Main Directorate of the Ministry of Revenue & Duties in Dnepropetrovsk oblast reports.
The payment deadline is set for each tax separately. A taxpayer is responsible to pay oneself the amount stated in the tax return, and do it within 10 calendar days following the last day of the deadline set out in the Tax Code of Ukraine for filing a tax return, except as otherwise provided by the TCU (for example, paying the tax on individual income). Meantime, the payment cannot be deferred to a later date after postponement of the date for filing tax returns. If the last day for paying taxes falls on a weekend or holiday, a taxpayer is liable to pay oneself the tax amount, and do it within 10 calendar days following the last day of the deadline set out for filing a tax return, without taking into account rescheduling of the date for reporting due to a weekend or holiday.
The Tax Code of Ukraine sets out financial responsibility for late payment or failure to pay taxes levied as penal (financial) sanctions (penalties). Apart from the fees for late payment or penalty for failure to pay taxes, an extra fee is calculated based on the NBU annual rate of 120%, being valid on the date the tax debt arises or the date of repayment, depending on the rate that is bigger, for each calendar day of delay.
An economic entity relieves from responsibility for untimely transfer of taxes, fees, payments to the budget and government special-purpose funds or not made in full, including the fine or penalty charged, if the breach of the term for transferring the payments has occurred through the bank’s fault. For breach of the term for placing the taxes into the budget account or government special-purpose funds through the bank’s fault, the said bank pays the fine for each day of delay, including the day of payment, and penalties which amount is set out in the TCU. In addition, the bank bears other responsibility set out in the TCU for breach of the procedure for timely and duly payment of taxes, fees, payments to the budget or government special-purpose fund.
It is not regarded to be the breach of the term for transferring taxes, fees, payments thorough the bank’s fault, if it is caused due to review of economic norms of the bank made by the NBU, which leads to shortage of spare money on the correspondent account. If a bank or its legal successors restore creditworthiness in the future, the start date for transferring taxes, fees, and payments will be the date of solvency restoration.
Thus, if payment terms are broken or in case of failure to transfer taxes and fees through the bank’s fault, the documents an economic entity is to file to the oversight authority are as follows: an application and copies of payment documents certifying the fact of filing them to the bank.
