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In 2013, there were numerous changes in enterprise taxation affecting the single tax and profit tax; additionally, a number of new taxes were introduced.
Single Tax 2013
First of all, it is worth noting the introduction of the 5th and 6th groups of single tax payers, which may include enterprises whose annual income does not exceed 20 million. For such groups of entrepreneurs a rate of 7% will apply if the entrepreneur does not wish to register as a VAT payer and 5% in case of VAT payment. Previously, only entrepreneurs whose annual income did not exceed 5 million could switch to the single tax.
Profit Tax 2013
The most radical changes affected the general taxation system, where the profit tax rate was reduced to 19%, and a new system of paying this tax and filing reporting was also introduced. In addition, regarding the timing of profit tax payments, entrepreneurs were divided into two groups:
- those whose annual revenue exceeds 10 million – are obliged to pay the tax monthly as advance payments, which are calculated based on the profit tax amount paid in the previous year divided by 12.
- the rest, whose revenue does not exceed 10 million, pay the profit tax once a year based on the annual declaration.
Within the framework of the project for the development of priority sectors of the economy, a preferential tax regime was introduced for enterprises that meet certain criteria. One such category includes market entities that operate in the field of IT technologies.
Value Added Tax – VAT 2013
Enterprise VAT taxation did not undergo significant changes in 2013. Although the rate of this tax still remains 20%, attention should be paid to the significant simplification of the rules for VAT registration. At the moment, almost any enterprise can freely register as a VAT payer.
It is also worth noting the system of mandatory prior registration of tax invoices for transactions where the VAT amount exceeds or equals 10 thousand. That is, in the case of such transactions, during the shipment of goods to the buyer, it is necessary to provide them with a tax invoice for the VAT amount that was previously registered electronically.
Unified Social Contribution – USC 2013
One and practically the only significant change is the possibility of paying the USC from the employee’s salary and the wage fund to a single bank account in a single payment.