Corporate income tax

In the US, corporate income tax is levied on a scale of: the first 50.0 thousand dollars. - 15%, for the next 25.0 thousand dollars. - 25%, and only in the amount exceeding 75.0 thousand dollars. - is 40%. The tax period is one year. But payment is made four times a year. In this case, appraisal payments are applied. Their essence is that the company pre-estimates the possible annual income, expenses and benefits and determines the minimum amount of payment. This amount is paid to the budget in equal installments until April 12, June 12 and December 12 of this year [1].

A key change in the income tax mechanism in Ukraine was the introduction of a new principle of determining income tax, which is calculated based on the accounting financial result (in accordance with national UAS or IFRS) and is subject to adjustment for so-called tax differences.

From 2011 to 2016, the income tax rate in Ukraine dropped from 25% to 18% and today is one of the lowest in the EU. Reduction of the tax rate, as well as changes in the contingent of taxpayers (their number, sectoral and territorial structure), the crisis in the country's economy, changes in tax legislation due to tax reforms in 2014-2016 affected the implementation of both fiscal and regulatory functions of income tax enterprises.

Corporate income tax is of significant fiscal importance, which is different from similar taxes in economically developed countries. This is primarily due to the proportions in the distribution of GDP, which have developed historically: in a centrally planned economy, the bulk of budget revenues were revenues from state enterprises and rather insignificant - taxes from the population, as artificially restrained consumption fund and increased accumulation fund.

In Ukraine, the system of corporate income taxation is characterized by frequent changes in the object of taxation. Thus, from 1991 the tax was levied on income, in 1992 - on income, in 1993 - the beginning of income, and then (from the second quarter of this year) - again on income. In 1994, income remained the object of taxation, and since 1995 - the restorative transition to income taxation.

Corporate income tax (PIT) is a direct tax paid by enterprises on profits from the sale of products (works, services), fixed assets, intangible assets, securities, currency values, other types of financial resources and tangible assets, as well as profits from leases, royalties and non-operating activities.