LETTER OF STATE TAX ADMINISTRATION OF UKRAINE

of September 8, 2011 No. 828/3/15-1212

GNS of Ukraine informs on condition of unprofitable activities of subjects of managing that negatively influences ensuring budget settings.

So, by the analysis of tax statements it is determined that subjects of managing by results of financial and economic activities in the II quarter this year declare 133, 1 billion UAH of losses, or in 3,7 of time the level of receipts of the income tax since the beginning of year (36, 4 billion UAH) is exceeded while for 2007 the amount of losses (5, 3 billion UAH) made only 15,9 of percent of actual receipts of the income tax (33, 2 billion UAH).

Certain taxpayers allowed wrong understanding of Item 3 of the subsection 4 "Features of Collection of the Income Tax of the Companies in 2011" of the Section XX "Transitional provisions" of the Tax code of Ukraine (further - the Code) and by results of declaring of the II quarter of this year transferred losses of previous years in the amount to structure of expenses 114, of 2 billion UAH that led to reduction of the taxation object and losses of the budget only in the II quarter of this year in the amount 2, 2 billion hryvnias.

The line item of GNS is that payers should transfer the amount of the losses received only in the I quarter 2011 without negative value of previous years as by Item 3 of subsection 4 of the Section XX "Transitional provisions" of the Code it is established to structure of expenses of the II quarter:

"if from among residents following the results of the first quarter 2011 negative value is result of calculation of the taxation object of the taxpayer, then the amount of such negative value is subject to inclusion in expenses of the second calendar quarter of 2011.

Calculation of the taxation object by results of the second, second and third quarters, the second, - the fourth quarters 2011 is performed taking into account the negative value received by the taxpayer for the first quarter 2011 as a part of expenses of such tax periods by the accruing result before complete repayment of such negative value".

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