Cabinet of Ministers issued a decree number 895 on the regulation of certain matters of administration of income tax, which forbade companies to include in its gross expenditure losses derived from foreign exchange revaluation of foreign currency debt. When forming the accounting for income tax for 9 months of this year, such costs will be justified only in respect of unpaid debt. At the same scheme in the costs are taken into account the losses derived from the revaluation of foreign currency in bank accounts of the taxpayer or in his hand. In case of failure of taxpayers to clarify the reported amounts of obligations to pay tax on the profit for 9 months of the State Tax Administration (Tax Administration) will check them for a month.

is noteworthy that an appropriate decision was announced on the official site of Tax Administration for the month of deliberation on the day of its adoption by Cabinet - 26 August. The need for such drastic changes in the rules of the game STAU explains that the company upon payment of income tax in the current year made in reporting losses last year of $ 39.5 billion UAH. Of these, 25 billion UAH obtained as a result of exchange rate revaluation, the so-called conditional sale of debt in foreign currency, including on outstanding loans. The bulk of these costs was formed in the IV quarter of 2008 due to the drop in production and the devaluation of national currency notes in the explanatory note to the document. With the new scheme of Tax Administration intends to get into the state budget an additional 1.5 billion UAH of profit tax, the deadline for payment of which up to 9 months due in November. This company's net profit expected to grow by 6 billion UAH.

Entrepreneurs shocked by such actions of the Cabinet. The Government's decision - is nonsense. Now entrepreneurs simply can not in such short time to pay off foreign currency loans. This means that the Cabinet will increase the profitability of enterprises and will receive additional charges of income tax, - said Vice President of Industrial Group (manages assets Industrial Union of Donbass) Alexander Pilipenko. Resolution of the Government illegally, since the rules of law on enterprise income tax does not require taxpayers to pay debts in the formation of statements , - explained the Tax Committee of the European Business Association Vladimir Krotenko.

Experts believe the illegality of the decision of the Cabinet and advised businesses to challenge. The government invented a mechanism to increase the tax base, because in July revenues were practically no. Cabinet and the State Tax Administration intend to solve this problem, taking profits from enterprises - outraged president of the Union of Tax Consultants of Ukraine Leonid Rubanenko .- Most likely, employers will not meet requirement of the Government, challenging the decision in court. As reported in August in the state budget was supposed to do a record from the beginning, the amount of tax - 21.7 billion UAH.

At the heart of government initiatives is a desire to take from business profits and replenish their account state treasury, - says the first deputy head of the Verkhovna Rada Committee on matters of tax and customs policy, Nikolay Kruglov .- I think the Committee would request to rescind this decision to the president and the Finance Ministry, but it is unlikely we will be able to achieve its repeal. The President simply must intervene and exercise its right to suspend the order, or business representatives will be forced to resolve this conflict in court, - said Mr. Krotenko.

Maria Tsaturyan

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