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Deadline for submitting reports after VAT registration
Deadline for submitting reports after VAT registration
Since 2020, I have been engaged in the retail sale of construction materials and am a taxpayer under the simplified tax regime. On May 5, 2024, I voluntarily applied for VAT registration effective from January 1, 2022, and on May 8, 2024, the tax authority sent me a VAT registration notice to my electronic mailbox. In this case, do I need to submit income tax returns for the previous periods to the tax authority, and will I be subjected to financial penalties for late submission?
According to the information provided by the State Tax Service under the Ministry of Economy, under the provisions of the Tax Code that came into effect on January 1, 2024, if a taxpayer who is not a profit (income) tax payer is registered for VAT with a retroactive date as per Article 157.3.3 of the Tax Code, the taxpayer is obligated to submit their tax return to the tax authority within 90 days from the date the registration notice is issued.
Thus, if you are voluntarily registered for VAT with a retroactive date, you must submit your income tax returns for 2022 and 2023 within 90 days from the date of receiving the VAT registration notice. If the relevant tax returns are submitted within this period, no financial penalties will be imposed by the tax authority.
Since 2020, I have been engaged in the retail sale of construction materials and am a taxpayer under the simplified tax regime. On May 5, 2024, I voluntarily applied for VAT registration effective from January 1, 2022, and on May 8, 2024, the tax authority sent me a VAT registration notice to my electronic mailbox. In this case, do I need to submit income tax returns for the previous periods to the tax authority, and will I be subjected to financial penalties for late submission?
According to the information provided by the State Tax Service under the Ministry of Economy, under the provisions of the Tax Code that came into effect on January 1, 2024, if a taxpayer who is not a profit (income) tax payer is registered for VAT with a retroactive date as per Article 157.3.3 of the Tax Code, the taxpayer is obligated to submit their tax return to the tax authority within 90 days from the date the registration notice is issued.
Thus, if you are voluntarily registered for VAT with a retroactive date, you must submit your income tax returns for 2022 and 2023 within 90 days from the date of receiving the VAT registration notice. If the relevant tax returns are submitted within this period, no financial penalties will be imposed by the tax authority.