- Taxpayers have the right to offset the negative value of VAT against their tax debt.
- Tax declarations must be submitted within 20 calendar days after the end of the reporting period.
- The tax liability stated in the declaration must be paid within 10 calendar days after the deadline for submitting the declaration.
- Tax debt is the amount of agreed monetary obligation that has not been paid by the taxpayer within the specified deadline, including any accrued penalties.
- The amount of tax payable or refundable is determined as the difference between the tax liability and the tax credit for the reporting period.
- If the calculated amount is negative, it can be used to reduce the tax debt from previous reporting periods, up to the registration amount specified in the tax declaration.
- The procedure for filling and submitting VAT tax returns is regulated by Order No. 21 of the Ministry of Finance of Ukraine.
- The negative value that is used to reduce the tax debt is reflected in line 20.1 of the VAT tax declaration.
- Payments are recorded in the integrated taxpayer card in chronological order, with each operation specifying the type of transaction and the date.
- When repaying the tax debt, the funds are first allocated to the tax liability, then to penalties, and finally to interest.
Source: news.dtkt.ua
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
