LETTER OF THE STATE TAX SERVICE OF UKRAINE

of October 21, 2011 No. 4000/6/15-1216

The State Tax Service of Ukraine considered the letter European business of association of 27.09.2011 No. 926/2011/21 concerning transfer of losses of the last periods and reports.

According to Item 1 of the Section XIX "Final provisions" of the Tax code (further - the Code) the Section III "Income tax" became effective since April 1, 2011 which according to Item 1 of subsection 4 of the Section XX "Transitional provisions" of the Code is applied during calculations with the budget, starting with the income and expenses which are received and carried out since April 1, 2011 if another is not established by this subsection.

According to Item 150.1 of article 150 of the Code if from among residents following the results of tax year 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 first calendar quarter of the next tax year. Calculation of the taxation object by results of half-year, three quarters and year is performed taking into account the specified negative value of previous year as a part of expenses of such tax periods by the accruing result before complete repayment of such negative value.

By Item 3 of subsection 4 of the Section XX of the Code it is determined that Item 150.1 of article 150 of the Code is applied in 2011 taking into account it:

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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