“Lawyer Bogdan Yankov financial problems can arise from any entrepreneur. Is it possible to legitimately delay taxes by avoiding fines and locking accounts? Ukrainian legislation provides for a mechanism for installing tax debt. How to use it, explains the lawyer Bogdan Yankov. Legal grounds for installments “According to Article 171 of the Tax Code of Ukraine, the taxpayer has the right to defer the tax liabilities. Detailed […]”, – WRITE: Businessua.com.ua
Lawyer Bogdan Yankov
Financial problems can arise from any entrepreneur. Is it possible to legally delay taxes by avoiding penalties and locking Accounts? Ukrainian legislation provides for a mechanism for installing tax debt. How to use it, explains the lawyer Bogdan Yankov.
Legal grounds for installment
“Pursuant to Article 171 of the Tax Code of Ukraine, the taxpayer has the right to defer tax liabilities. A detailed procedure for installing tax debt is approved by the Order of the Ministry of Revenue No. 574. This mechanism allows to legally delay the payment of taxes, subject to compliance with a certain procedure and providing convincing.
Step 1: Preparing and submitting documents In order to obtain a tax debt installment, the taxpayer submits a written application to the tax authority at the place of registration. The statement must contain accurate requirements and justify the feasibility of installments.
Step 2: Economic justification The economic justification should be added to the statement, which should contain:
A list of circumstances that may result in debt:
- Loss of major customers
- Delayed payments from debtors
- Force majeure events
- Seasonal changes in profits
- Other objective causes
Financial Analysis:
- Current income and expenses
- Available liabilities to creditors
- Assets liquidity
- Cash flow forecast
Proposal Graphics:
- Realistic payments
- Amounts of payments by period
Justifying the possibility of adherence to graphics
“The success in obtaining installments by 80% depends on the quality of the prepared documents. The economic justification should be convincing, and the repayment schedule should be realistic. It is better to spend time on careful preparation than to receive refusal due to shortcomings in documents,” – emphasizes Bogdan Yankov.
Terms of consideration and decision making The tax service shall, within 30 calendar days of receipt of the application, make a decision to install tax debt or provide a written refusal to explain the reasons.
Exemption of tax liabilities is a legal way of overcoming temporary financial difficulties. The key to success is careful preparation of documents, honest justification of the situation and a realistic approach to planning debt. It is recommended to seek installments in advance to avoid accumulation of debt and penalties.
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