Starting from 01.01.2023, currency exchange bureaus will pay taxes in advance.

Starting from 01.01.2023, currency exchange bureaus will pay taxes in advance. The respective Law of Ukraine №2720-ІХ came into force on 20.11.2022.

What does it mean?

Taxpayers whose business is trading in cash currency will have to pay a specified amount as a part of company income tax in advance, monthly and not later than the last operational (bank) day of the current month for each currency exchange bureau appearing on the Register of Foreign Currency Exchange Bureaus as of the first day of the current month.

The amount of the advance contribution

The size of an advanced company income tax contribution equals:

three minimum salaries (20 100 UAH as of today) for every currency exchange bureau located in a city/town with over 50.000 of the population;

one minimum salary (6 700 UAH) for the same working in a settlement having less than 50.000 inhabitants.

According to the document, the total amount of income tax contributions the company pays during a year in advance reduces company income tax, calculated by the results of the same reported year.