Deadlines for payment and reporting of advance payments on corporate income tax.
According to paragraph 1 of Article 305 of the Tax Code, corporate income tax payers:
1) calculate and pay within the time limits established by paragraph 2 of Article 306 of the Tax Code (for each month during the tax period, no later than the 25th day of each month):
advance payments on corporate income tax payable in equal installments for each month of the first quarter of the reporting tax period (hereinafter, for the purposes of this article - advance payments before the declaration);
advance payments on corporate income tax payable in equal installments for each month of the second, third, and fourth quarters of the reporting tax period (hereinafter, for the purposes of this article, advance payments after the declaration);
2) draw up and submit to the tax authority at the taxpayer's location:
calculation of the amount of advance payments on corporate income tax payable for the period before the submission of the corporate income tax declaration for the previous tax period (hereinafter, for the purposes of this article - calculation of advance payments before the declaration);
calculation of the amount of advance payments on corporate income tax payable for the period after the submission of the corporate income tax declaration for the previous tax period (hereinafter, for the purposes of this article - calculation of advance payments after the declaration).
In accordance with paragraph 6 of Article 305 of the Tax Code, the calculation of advance payments:
1) before the declaration is submitted no later than January 20 of the reporting tax period;
2) after the declaration is submitted no later than April 20 of the reporting tax period.
According to paragraph 7 of Article 305 of the Tax Code, taxpayers have the right to submit an additional calculation of advance payments after the declaration no later than December 31 of the reporting tax period based on the estimated amount of corporate income tax for the current tax period.
The amounts of advance payments after the declaration, taking into account the adjustments indicated in the additional calculations of advance payments after the declaration, cannot have a negative value.
In accordance with paragraph 3 of Article 278 of the Code "On Administrative Offenses", exceeding the amount of actually calculated corporate income tax for the tax period over the amount of calculated advance payments during the tax period in the amount of more than twenty percent, if this action does not contain signs of a criminal offense, – entails a fine of twenty percent of the amount exceeding the actual tax.
Dear taxpayers, the State Revenue Department reminds of the possibility of adjusting the calculations of the amounts of advance payments, and to protect your business from penalties.