Ministry: businesses will be able to pay several taxes in a single payment
The Cabinet of Ministers will soon review Finance Ministry’s prepared legislative projects that provide for unifying tax payment terms (once a month, once per quarter and once a year) for taxes administered by the State Revenue Service. Amendments provide the option to combine several taxes in one payment. This is intended to reduce administrative burden.
This means that starting from 2021, SRS’ administered taxes (value added tax, excise duty, electricity tax, lotteries and gambling tax, corporate income tax, microenterprise tax, personal income tax) will be permitted to be paid to a single state budget account and in the form of a single payment before the 23rd of every month.
This is planned to reduce time and human resource consumption, as well as costs needed to prepare tax payments, notes the Finance Ministry.
The legislative project will allow businesses to combine several tax payments into one. The right to pay taxes separately will remain, the ministry adds.
A unified tax account for SRS administered state budget payments will be created on 1 January 2021. This also applies to taxes: personal income tax, corporate income tax, value added tax, excise tax, customs duties, natural resource tax, lotteries and gambling tax, mandatory social security contributions, electricity taxes, and micro-enterprises tax.
The unified tax account will be introduced for other regularly performed payments, including state duty for business risk, a state fee for the right to use numbering, a patent fee, payments for the use of state capital, and payments for requests for recovery of tax debts submitted by the tax authorities of the Member States of the European Union and other countries.