A tax debt can lead to the seizure and sale of the debtor’s property.
It occurs if the necessary amount of taxes is not transferred to the budget, reports the Chronicle.info with reference to RBC-Ukraine.
Consequences of a tax debt
To check yourself if there is a debt, you can use the Taxpayer’s Electronic Account.
Tax debt can lead to:
- an inventory of property held in a tax lien;
- recovery of funds;
- seizure of property;
- sale of seized property;
- collection of receivables;
- for FLP on a single tax – to the loss of the status of a simplified person.
The tax debt is collected in several stages. First, the debtor is sent a tax demand if the total amount of the debt exceeded 60 non-taxable minimum incomes of citizens (1020 hryvnias).
After that, the debtor has the right to a tax lien. The next stage is the inventory of the property in the tax lien. The right of a tax lien extends to any property owned by a taxpayer.
Collection occurs not earlier than 30 calendar days from the date of sending the tax claim.
How to avoid debt
It is recommended to take timely measures to defer monetary obligations and not wait until they become a tax debt. Postponement of tax liability or tax debt is also provided for by law.
And if the debt has formed, you need to repay this amount at your own expense, sources can be:
- erroneously or excessively paid amounts for other payments. In this case, the payer must apply for the return of these funds by crediting them for the repayment of monetary obligations;
- budgetary VAT refund;
- the remainder of the negative value of VAT.
Recall that from January 1, 2022, the head of the regulatory body or his deputy can decide to recover funds to pay off the tax debt without going to court. This is provided for by amendments to the Tax Code (Bill 5600).