Authorized banks' cash departments are allowed to work without cash registers / Photo from UNIAN
The Verkhovna Rada has passed bill No. 1088 on amendments to the Law of Ukraine on the use of payment transactions registers in retail trade, public catering and providing of services, which are designed to reduce tax burden on businesses while using payment transactions registers.
A total of 248 out of 346 MPs registered in the session hall supported this decision, an UNIAN correspondent reported.
Nina Yuzhanina, the chairperson of the parliamentary committee on taxation and customs policy, said that, according to the newly adopted amendments to the Tax Code, single tax payers of the first group and individual entrepreneurs of the second and the third groups regardless of the type of activity whose income within a calendar year does not exceed UAH 1 million are not required to use payment transactions registers (PTRs).
However, the official adds, whenever the said limit is exceeded, such use of PTRs is required starting from the first day of the quarter following the date of the exceeding.
According to Yuzhanina, no cash registers are needed during foreign exchange transactions if such transactions are performed in authorized banks' cash departments.
It was noted that it is not now obligatory for all business entities to store the total daily fiscal receipts in the book of control tapes of payment transactions for the next three years.
Yuzhanina stated there was no need for any political speculations around this draft law because "we leave almost all of the entrepreneurs of the second group satisfied with this decision."
According to the State Fiscal Service, income declared by entrepreneurs belonging to the second group in 2014 totaled UAH 720,000, Yuzhanina added.
UNIAN's reference. Ukraine's Tax Code splits single tax payers into three groups. The first group are individuals who do not use hired labor and sell their produce on the markets or provide consumer services with an overall annual income of less than UAH 300,000. They pay tax set at up to 10% of the minimum wage per month. The second group are businesses that provide various services and are widely represented in the catering industry, their annual income should not exceed UAH 1.5 million and the number of employees should not be more than 10. They pay tax set at up to 20% of the minimum wage per month. The third group's cap on income is set at UAH 20 million, the number of hired workers is not limited. Their tax rate is 2% of revenue if they are VAT payers or 4% of revenue if they are not VAT payers.