Why should the Ukrainians return part of their taxes? How to do it?

Why should the Ukrainians return part of their taxes? How to do it?

Do you know we are entitled to tax credits? Ukrainians can return part of the taxes paid for education, charity, mortgages and much more. This is the case when knowledge of the law can save on taxes.

What services and goods are eligible for tax relief?

First you need understand the cases and conditions of tax refunds.

1️⃣ Part of the money on the mortgage is paid. It is important to understand that the state returns not the money that was paid for housing, but only a part of the interest from the bank.

2️⃣ The money paid for training is returned. This applies to situations where you are paying for your children, yourself or your parents or your spouse. So if you didn’t go on budget, you don’t need to worry about a large contract amount, because you can get some of the money back.

3️⃣ The money part was spent on fertility treatments.

4️⃣ When you switch the car to environmentally friendly fuels.

5️⃣ The fee part paid for the adoption of a child.

6️⃣ This applies to official donations. For example, if you did charity work and donated money for medical treatment, you can get some of the money back.

7️⃣ If a person rents housing, and also has the status of a person who has moved from the occupied territories.

8️⃣ The Covid-19 treatment tax refund. It is also included. It is valid currently.

Who is eligible for the tax credit?

Not all citizens can get a tax credit. These are people who officially work and receive a salary. When a person receives a salary in ‘envelopes’ and does not declare his real income, he may not even think about such tax benefits. This also does not apply to entrepreneurs and sole proprietors.
There are compensation restrictions. This means the compensation amount cannot be more than your wages for 12 months. For example, a salary of 150 thousand hryvnia is declared for one calendar year, and the total amount of expenses from which compensation can be obtained is 150 thousand hryvnia.

How is the tax credit calculated?

The discount is 18 percent. For example, you paid UAH 150,000 for housing on a mortgage for one calendar year. 30 000 UAH is a percentage. The 18% of 30 000 hryvnia, and you get 5400 hryvnia.
To begin, you need to fill out a declaration. First you need to fill out a declaration. Go to the taxpayer’s office website to do this. All you need is an electronic key. There you need to look for ordinary citizens office, not legal entities. It is important to fill in all the fields here. Then save and send.

The declaration must indicate the following:

➖ The total taxable income amount

➖ The payer’s category

➖ The details for the funds return

➖ The type of this declaration. It can be new, reported or revised

Citizens who are eligible for the tax credit and want it, file a tax return. It should be done before the last day of the year. It is important to have evidence of how the person spent the refund.
Documents and contracts should be kept. If you want to return part of the funds paid for tuition, it is important to keep a copy of the agreement with the educational institution. You need to check if the cost of tuition is indicated on the document.

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