Salary, inheritance, deposits: which incomes must be declared
Salary, income from the sale of property, dividends, interest on deposits, certain types of inheritance, gifts, and winnings are included in the list of incomes subject to taxation.
The Main Department of the State Tax Service in Kyiv region noted that according to paragraph 164.2 of article 164 of the Tax Code of Ukraine, most incomes received by citizens in monetary or non-monetary form are subject to taxation, unless otherwise provided by article 165 of the Tax Code.
Taxable incomes include salary, remuneration under civil law contracts, as well as certain incomes received from individual entrepreneurs or persons engaged in independent professional activities, in cases defined by law.
Personal income tax is also paid on income from the sale of movable and immovable property in cases provided by law, the sale of property and non-property rights, the transfer of property for rent, sublease or residential lease, as well as royalties.
Passive incomes are also taxable, including interest on bank deposits, dividends, certain types of royalties, and investment income from transactions with securities, corporate rights, and other investment assets.
In addition, the Tax Code provides for the taxation of certain incomes received in specific life circumstances. Among them are inheritance and gifts in cases defined by law, winnings and prizes, certain insurance and pension payments, penalties, fines, interest, certain types of damage compensation, as well as additional benefits received from an employer or other persons.
The State Tax Service also reminded that the general taxable income may include funds not returned within the established period, received on account or on business trips, certain types of debt under civil law contracts, income from trust management of property, certain types of pensions and lifetime monetary maintenance, as well as other incomes not exempt from taxation according to article 165 of the Tax Code of Ukraine.
As previously written by the "Judicial and Legal Newspaper", one-time financial assistance received by family members of servicemen who died or passed away as a result of injury, persons of rank and command staff, and police officers during martial law is income and must be declared.
Subscribe to our Telegram channel t.me/sudua and to Google News SUD.UA, as well as to our VIBER and WhatsApp, Facebook page and Instagram page to stay informed about the most important events.
