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In a situation where the taxpayer makes payment of tax liabilities on the last day of the payment period after the bank’s operating hours have ended, the funds will be credited to the budget only on the next business day.
Paying tax obligations on the last day is quite risky
In a situation where the taxpayer makes payment of tax liabilities on the last day of the payment period after the bank’s operating hours have ended, the funds will be credited to the budget only on the next business day.
According to the Tax Code of Ukraine, the taxpayer or tax agent must, in accordance with the established deadline, pay the amount of tax liabilities determined by them, while the bank is obliged to transfer the client’s funds on the same day during the bank’s operating hours in accordance with paragraph 8.1 of Article 8 of the Law of Ukraine No. 2346-III of 05.04.2001 “On Payment Systems and Money Transfer in Ukraine”.
If the bank receives the settlement documents after the end of operating hours, it is obliged to execute the payment order no later than the next business day.
Funds received into the account in the tax authorities’ system are shown only after being credited to the State budget accounts and bear the same date. Accordingly, if the payment document is submitted on the last day after the bank’s operating hours have ended and the funds are credited to the budget account only the next day, the agreed amount of the tax obligation will be credited, but it will be recorded as a breach of the specified payment deadline.
Liability and the procedure for its imposition for late payment of the agreed amount of tax liabilities are provided for in Article 126 of the Tax Code of Ukraine.