Entrepreneurs will not need to register the Books of Income with the tax office

This bill provides for the introduction of amendments to Law No. 466, which introduced the tax reform. We will consider one of the important issues that concerns entrepreneurs. It is a book of income (income and expenses).

Even in the explanatory note to the draft law, prepared for the second reading, attention is drawn to the fact that there is still a requirement for individual entrepreneurs to register and keep a book of income accounting. Although, de facto, they either do not receive this book at all, or fill it out only in case of verification. The penalty for errors or the absence of an income accounting book in accordance with the Tax Code is 510 hryvnia and in accordance with the Administrative Code - up to 136 hryvnia.

Therefore, it was proposed to abolish the requirement of mandatory registration of the income book and the income and expense book.

The bill also provided for the abolition of the obligation to keep a book of income accounting for individual entrepreneurs of the 1st and 2nd group, and the 3rd group, who are not VAT payers, and offer them, at their own request, to keep a book of income accounting in paper or electronic form. Responsibility for ignorance or errors in the book of income occurs only if such entrepreneur has informed about the desire to keep the book of income.

But the deputies agreed only to exempt the entrepreneurs from registering the income (income and expenses) book in the tax office.

 Consequently, since the entry into force of the bill No. 2534, entrepreneurs are exempted from the obligation to register income (income and expenses) books, but continue to fill them in the prescribed manner. Books can be kept in paper and / or electronic form, including through the electronic cabinet.