PROCEDURE FOR CARRYING FORWARD LOSSES IN UKRAINE | UBC
Carry-forward of a negative taxable result
The Tax Code retained the procedure for carrying a negative taxable result forward to future tax periods. Losses were carried forward until fully utilised without a separate time limit, and the tax authority was not entitled to refuse to accept a return solely because it reported a negative result.
If a taxpayer reported a loss in the calculation of the taxable object for four consecutive tax periods, the tax authority was entitled to conduct an unscheduled audit of the correctness of that calculation.
A new feature highlighted by the Previous Review was the separate treatment of losses from activities subject to patenting. Such a loss was not included in the general amount and had to be offset against future income from that particular type of activity.
The transitional provisions of the Tax Code established a special procedure for the reporting year described in the material. If a resident had a negative taxable result for the first quarter, that amount was included in second-quarter expenses. The calculation for subsequent quarterly periods was then made cumulatively, taking that amount into account until it was fully utilised.
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