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Adjustment of the financial results before income tax under clause 140.5.4 of the Tax Code

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Adjustment of the financial results before income tax under clause 140.5.4 of the Tax Code

Adjustment of the financial results before income tax under clause 140.5.4 of the Tax Code

Since a taxpayer may comply with the procedure of identifying controlled or uncontrolled transactions as well as apply the methodology for determining compliance of the price of such transactions with the “arms’ length” principle under Art. 39 of the TCU only on the basis of the tax (reporting) year, and taking into account position of the Ministry of Finance of Ukraine (letter of June 19, 2018, №11210-09-10/16613) adjustment (increase) of the taxpayer’s financial result in accordance with paragraphs. 140.5.4 Clause 140.5 of Art. 140 of the TCU shall not be made on based on the tax (reporting) quarter, half year, 9 months.
SFSU noted the above in the ruling placed in section 102.13 of the public information source ZIR.

PIT on compensation to employee for the use of his own car 

The amount of compensation payable by a legal entity to a hired employee for the use of his own car for business purposes qualifies as income of such an employee, in particular as additional benefit subject to personal income tax on general basis.
SFS noted the above in its individual tax ruling of January 15, 2018 №143/6/99-99-13-02-03-15/ІПК.

Receipt of refundable financial aid in the amount exceeding UAH 50,000

In its individual tax ruling of August 30, 2018 №3780/ІПК/06-30-14-06-14 SFSU noted that restrictions for cash settlements in the amount of UAH 50,000 applies exclusively to settlements between a business entity and an individual for goods, works, services.  Restriction does not apply to employment related payments, temporary disability benefits (including pregnancy related payments) and to refundable financial assistance.

 

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Nexia DK (Nexia DK Audit LLC, Nexia DK Audit and Tax LLC, Nexia DK Audit and Accounting LLC, Nexia DK Audit and Consulting LLC, Nexia DK Legal and Tax LLC, “Nexia DK.Valuation Services” LLC ) is a member firm of the “Nexia International” network. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within the Nexia International network is a separate legal entity.

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