Starting from 01.01.2021, private individuals of I-III groups (except for VAT payers) will be able to keep records of income in any form in paper and / or electronic form by monthly reflection of income received.
At the same time, private individuals of the single tax group of the III group - VAT payers will keep records of income in any form by monthly reflection of income and expenses.
This is how the Law of 14.07.2020 786-IX “On Amendments to the Tax Code of Ukraine on the functioning of the electronic cabinet and simplification of the work of individuals – entrepreneurs” - the procedure for accounting income for self-employed persons was adjusted.
Also regarding private individuals and individuals engaged in independent professional activity, the above-said Law provides an opportunity to keep records of income and expenses in a form convenient for them - paper and / or electronic, including through the Electronic Cabinet. Therefore, the requirement to keep a book of income accounting for private individuals - payers of the single tax of I-III groups, as well as its registration with the State Tax Service is actually abolished.
This gave rise to the Ministry of Finance to develop a draft order recognizing as invalid the order of the Ministry of Finance of Ukraine dated 19.06.2015 No. 579, which approved the forms of income book.
Please, note that private individuals who will not keep a record book from January 1, 2021 in connection with the introduction of income accounting in any form, shall keep it for another 3 years.
Alena Zamkovaya - the lawyer at “Dynasty Law & Investment”.