At the end of the reporting period, the taxpayer pays advance payments that are counted towards the payment of the single tax at the end of the period, previously calculated advance tax payments are considered when calculating advance payments for the single tax for the current reporting period and tax for the tax period. The reporting period is the first quarter, half year and 9 months of the calendar year. The tax period is a calendar year.
Instructions
Step 1
Advance payments for the single tax are paid by the 25th day of the first month for the past reporting period. The single tax payable after the tax period is due until March 31 of the year following the previous tax period. Sometimes a taxpayer, after paying the single tax, as well as submitting the declaration, discovers an error leading to the fact that the advance on the tax, according to the declaration, is overstated or understated. In this case, the taxpayer has the right to eliminate inaccuracies by filing a revised tax return.
Step 2
If, after correcting the error, the amount of tax increases, then the revised tax return must be submitted without fail. In addition, the taxpayer will have to pay a penalty interest. In the event that the advance payment was paid in a larger amount than necessary, it is not necessary to submit an updated declaration, since the overpayment will be offset in the next reporting period.
Step 3
The minimum tax is payable if the total amount of the calculated tax for the tax period is less than the amount of the minimum tax. The amount of the minimum tax for the tax period is calculated at the rate of 1% of the tax base, which is determined in accordance with the Tax Code. To take into account the tax, you need to multiply the total amount of income that increase the tax base according to the Book of Accounting by 1%.
Step 4
Typically, the tax authorities are in no hurry to refund the overpaid advance payment, so the taxpayer must set off the overpaid amount towards the payment of a single tax in the next year, starting from the first quarter. In the annual declaration, the payment of advance payments must be indicated, otherwise the tax authorities may not return the overpaid amount.
Step 5
In addition, when calculating the tax base in the next period, the taxpayer may include in the expenses the difference between the paid minimum tax and the calculated single tax. The amount of overpaid tax is offset against future payments for the single tax only on the basis of a taxpayer's application.
