A webinar for agricultural enterprises accountants, organized by the UAC, was dedicated to the key moments of the procedure of installment and deferral of tax liabilities. The speaker of the event was a partner of Crowe Mikhailenko, freelance consultant of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Vitaly Smerdov.

"In the conditions of quarantine, severe economic crisis, the issue of installments and deferrals of tax liabilities is quite relevant. Especially for farmers, because most of them are in the 4th group of the single tax. And if due to certain economic phenomena they will not be able to repay tax liabilities and tax arrears will arise, it may have a negative impact on the status of the taxpayer of the 4th group," Vitaliy Smerdov said.

During the webinar, the expert explained the difference between installments and deferred payments, emphasizing that there are separate grounds for each of these processes. He also analyzed the general procedure for installments and deferrals of tax liabilities and the provisions of the recently adopted law №1072, which provides for separate (exceptional from the general) rules for installments and deferrals of tax debt. In particular, the law provides:

• wiping off the taxpayer's tax debt, if the total amount of debt on taxes and fees does not exceed UAH 3,060 and is not repaid as of November 1, 2020;
• postponement until December 21, 2021 of the tax debt of a taxpayer-individual, including a self-employed person, in the total amount which doesn’t exceed UAH 6,800 without interest;
• wiping off fines and penalties in case of self-payment by the taxpayer of the tax debt on the main payment within 6 months from the date of entry into force of the law №1072 (entered into force on December 10, 2020). This rule is not limited with any amount.

In addition, during the webinar, the possibilities for deferral of payments to landlords were considered: is it possible to defer the rent payment and what are the possible consequences of this. They also paid attention to the issue of installments under other commitments/loans.

Attenders had the opportunity to ask questions to the expert and get a professional answer about the situation on their own farm.