Individual enterpreuners: income limits are changed

On March 30, the Verkhovna Rada of Ukraine adopted the Law (Draft No. 3275) “On Amendments to Certain Legislative Acts to Provide Additional Social and Economic Guarantees in Relation to the Disease of Coronavirus Disease (COVID-2019)”.

This Law will enter into force on the day of its publication.

In addition to extending the procedural time limits for the entire quarantine period, VAT exemptions for the supply of medicines and medicine, changes in the payment for land, etc., amendments to the Tax Code on the marginal income for "unity" were introduced.

Accordingly, entities applying the simplified system of taxation, accounting and reporting are divided into the following groups of single tax payers:

- the first group -  individual entrepreneurs who do not use the work of hired persons, carry out exclusively retail sale of goods from retail outlets in the markets and / or carry out economic activities for providing household services to the population and whose income during the calendar year does not exceed UAH 1 million (previously - 300 thousand UAH);

the second group is individual entrepreneurs that provide services, including household, single tax payers and / or population, production and / or sale of products that are active in the restaurant industry, if their annual income does not exceed UAH 5 million (previously 1 , 5 million UAH).

- the third group - individual entrepreneurs that do not use the work of hired persons or the number of persons who are with them in employment, are not limited and legal entities - entities of any legal form, in which during the calendar year the amount of income does not exceed UAH 7 million (previously - UAH 5 million).

We remind, that the revision in the direction of increase of the volumes of the income which give the right to stay on the simplified system of taxation, was also provided by the bill No. 1210. But it seems that this bill will not be signed by the President: it has been on signing by the President since 11.02.2020 and the deadlines for its signinig have already expired.

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