Bills on the implementation of the Single social contribution and Personal income tax unified reporting have been approved

On the 19^th of September 2019 Verkhovna Rada of Ukraine approved the Bills №1057 “On amendments to the Law of Ukraine “On the collection and accounting of the single social contribution to the compulsory state social insurance” regarding the submission of a unified reporting on the single social contribution to the compulsory state social insurance and personal income tax” and №1072 “On Amendments to the Tax Code of Ukraine on the submission of a unified reporting on the single social contribution to the compulsory state social insurance and personal income tax”.

Chairman of the STS Serhii Verlanov stated that approved changes help to simplify the entrepreneurial work, as changes introduce the new consolidated reporting on single social contribution to the compulsory state social insurance (SSC) and personal income tax (PIT) starting from the 1^st of January 2021.

“Bills stipulate that instead of 16 reports (12 - on the single social contribution and 4 - on personal income tax) - there will be only 4 quarterly. This saves entrepreneur’s time and also reduces the number of errors and possible penalties” – outlined Serhii Verlanov.

Bills simplify the submission of the single social contribution reporting, in particular:

- for individuals - entrepreneurs and individuals carrying out independent professional activity, in particular, it is stipulated that information on accrual, calculation and payment of the single social contribution from income earned from entrepreneurial activity or pursuit of independent professional activity shall be submitted as a part of the annual declaration on property and income (tax declaration);

- for individuals – single taxpayers it is stipulated to submit reporting on the single social contribution as a part of the tax declaration of the single social contribution taxpayer;

- for insurers (enterprises and self-employed individuals who use the employment of hired employees) will be quarterly reporting on the personal income tax and single social contribution made by months of the reporting quarter.