By Order of the Ministry of Finance No. 601 of November 17, 2021, changes have been made to the income tax return form. The main section of the tax return has not changed.
A separate column has been added for enterprises that must submit an audit report together with their financial statements after the audit.
In line 10 of the title part regarding special marks a separate line has been added for an investor with significant investments and for the same income taxpayers two lines have been added in the main section of the tax return:
- 1 The amount of excess of the price determined by the “arm’s length” principle over the contractual value of goods (works, services) sold when performing controlled operations by a taxpayer-investor with significant investments;
- 2 The amount of excess of the contractual value of purchased goods (works, services) over the price determined by the “arm’s length” principle when performing controlled operations by a taxpayer-investor with significant investments.
Accordingly, there are changes in line 04. Now the object of taxation is recognized using a new formula: (line 02 + line 03 DIF + line 03.1 + line 03.2) (+, -).
Due to the appearance of new lines in the main part of the tax return, the content of the EC Appendix has also changed. Lines 03.1 and 03.2 have also been added to it, and the formula 04 has been set out in a new version.
For enterprises that must submit their annual financial statements together with the audit report to be published no later than June 10 of the year following the reporting year, the new tax return form introduces a corresponding column for marking such an obligation.
A separate box “Note on the taxpayer’s obligation under the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” appeared in the field “Availability of appendices – financial statement forms submitted to the Corporate Income Tax Return” to make public the annual financial statements and the annual consolidated financial statements along with the auditor’s report”.
When must we report using the updated form?
On December 17, the Order was published in the Official Gazette No. 96. Accordingly, it entered into force from that date.
According to clause 46.6 of the TCU, the updated tax reporting forms must be used for reporting for the period following the period of their official publication.
Since the order was published in December 2021 (Q4 2021), for the first time on the updated income tax return form it will be necessary to report for Q1 2022.
We remind you that for 2021, income taxpayers must already submit an updated tax return form as amended under No. 317.