Payment terms - quarterly (no later than 50 days after the end of the quarter).
The income of a freelance entrepreneur (single tax payer) is the income received in foreign currency and transferred to the hryvnia at the official NBU exchange rate as of the date of receipt of funds to the account (p. 292.6 of art. 292 of the Tax code).
Date of receipt of income by a single tax payer is the date of receipt of funds by a single tax payer in monetary form (cash or non-cash), date of signing by the single tax payer of the certificate of transfer and acceptance of goods / works / services received free of charge (p. 292.6 of art. 292 of the Tax Code).
On June 20 the client received USD 100 (to the distribution account) to the bank. PrivatBank credited the 100% of the currency earnings (USD 100) on the same day to a client's currency account.
USD rates were:
|Date ||The rate of NBU |
|10.02 ||27.64 |
The entrepreneur's income will be: (100 * 27.64) = 2 764 UAH 00 kopecks.
The amount of the single tax will be 138 UAH 20 kopecks (2,764 UAH * 5%).
Important! All further transactions with foreign and national currency after the first crediting to the accounts of the entrepreneur (the single tax payer) are not subject to taxation. Interest on deposits and the refund of a deposit to a current account is also not subject to taxation.
UST (unified social tax)for 2021
- For the 1st, 2nd and 3rd groups of single tax payers - UAH 1 320.00
- For taxpayers on a common tax system - UAH 1 320.00
Quarterly amounts are following:
1st quarter - UAH 3 960.00
2nd quarter - UAH 3 960.00
3rd quarter - UAH 3 960.00
4th quarter - UAH 4 070.00
Terms of payment of the UST (unified social tax) in 2021:
For the 1st quarter - on or before April 19;
for the 2nd quarter - on or before July 19;
for the 3rd quarter - on or before October 19;
for the 4th quarter - on or before January 19, 2022.
Important! Since 2017 the termination of entrepreneurial activity does not exempt an entrepreneur from paying UST. If during the reporting month the entrepreneur had no income (proceeds), then he/she is still obliged to pay the UST in the amount of UAH 1 320.00.
It is possible to cease to pay UST only in one case: the termination of entrepreneurial activities (closing of the individual entrepreneur)
Required reports for the tax service:
1. Declaration of the individual entrepreneur. Filing date: no later than 40 days after the end of the reporting period (quarter).
2. UST report. Filing date: 1 time a year until February 10 (if it is not a day off).
You can submit reports to the government services electronically via Privat24 for Business Internet Bank . Read more here.
Income tax - should be paid only in those cases when you transfer the income received from the current account of an entrepreneur to the accounts or cards of other entrepreneurs or individuals.
The tax is 18% of the transfer amount in favor of another entrepreneur or individual. This does not apply to transfers of your income from your current account to your card or other accounts.
Personal income tax may not be paid if payment is made within the scope of documented activities.
The report for the income tax is 1DF form for the quarter in which such a payment was made within 40 days after the end of the current quarter.