The State Tax Service reminds that the Tax Code of Ukraine stipulates two types of Personal Income Tax reassessment — obligatory and voluntary,
Obligatory reassessment of income in the form of wages and provided social tax concessions shall be performed:
- According to the results of each accounting tax year when running payroll calculations for the last month of the accounting period;
- When performing calculations for the last month, when the social tax concession was applied;
- Running final payroll calculations for the tax payer, who terminates labor relations with the employer.
Also the employers are entitled to voluntarily reassess wages and personal income tax to check correctness of the taxation. Voluntary reassessment can cover any income, included into monthly (annual) taxable income.
We shall remind you that the Tax Code of Ukraine does not stipulate liability for failure to perform personal income tax reassessment.