Declaration of Income and Assets

Every spring, many of us begin what can be called a “paper quest”—filing an income declaration. This procedure is surrounded by myths and often causes mild panic. But let’s be honest: it’s not as scary as it seems. The BuhalteriO team is here to break it all down and show you that reporting to the tax authorities for 2025 can be done without unnecessary stress.

What is this beast—the income declaration?

Imagine the declaration as your annual financial “check-up” with the state. To put it simply, you are telling the tax office: “Here is my income on which no one has paid taxes yet.” You independently calculate the personal income tax (PIT) and the military levy (ML), and then transfer them to the budget. By the way, this is also your only way to take advantage of a tax deduction and get back some of the money you have already paid in taxes during the year.

Alright, who actually has to file it?

Here we get to the most important part. The basic principle is this: if you received money not from your official employer (who is already your tax agent), but from other sources, then you will most likely have to report it.

Let’s look at the most common situations where filing a declaration is your direct responsibility:

• Income from property rental: Did you rent out an apartment, a garage, or even a car to an acquaintance and receive money for it on your card or in cash? This is exactly the case where the income must be shown to the state.
• Foreign income: Do you work for a foreign company, receive fees for freelance projects, or dividends from abroad? All these earnings must be indicated in the Ukrainian declaration. Don’t worry about double taxation—taxes paid in another country can be credited if you have the appropriate certificate.
• Inheritance and gifts: Did you receive an inheritance or an expensive gift not from your closest relatives (mother, father, husband/wife, children, full siblings, grandparents)? Such income is considered taxable and, therefore, must be declared.
• Investment profit and sale of property: Did you profitably sell shares or, say, sell a second apartment within a year? Such income also requires your attention and the filing of a report.

As you can see, it’s not that complicated. If you have the slightest doubt whether this applies to you, it’s better to ask a specialist once than to deal with the tax authorities later.

And now for the good news: who can sleep soundly

For a huge number of Ukrainians, this whole declaration campaign passes them by. If your only income for the past year was your official salary, from which your employer dutifully paid all taxes, you can relax.

Here is a list of incomes for which you definitely do not need to fill out any reports:

• Your official salary, sick leave payments, and bonuses.
• Payment for services under civil law contracts, if the client company took care of the taxes itself.
• Income from the sale of a car or apartment, if all taxes were paid at the notary’s office right at the time of the transaction.
• Interest accrued on your bank deposits.

So, if your financial life is limited to these points, you can safely skip this annual hustle.

Key dates: mark your calendar so you don’t forget

This is probably the most important part to remember. Missing these dates is a very bad idea that can lead to fines.

To make it easier for you, here is a small cheat sheet with the most important deadlines.

Just save these dates. Our friendly advice to you: don’t put everything off until the last day. It’s better to do it in advance to check everything in a calm environment.

How to file the declaration: three simple ways

So, you’ve decided you need to file. How to do it? The report is submitted to the tax office at your registered address. Fortunately, the days of huge queues are over, and now there are several options:

1. In person: The old, time-tested method. Just visit the nearest taxpayer service center.
2. By mail: For those who trust “Ukrposhta.” Send the documents by registered mail, but do it at least 5 days before the final deadline.
3. Online: Let’s be honest, this is the most convenient way. Go to the “Electronic Cabinet of the Taxpayer”—most of the data there will already be filled in for you.

Choose what you prefer. Online submission saves a lot of time and nerves, but the main thing is to just do it on time.

And what happens if you just ignore it?

Let’s be honest: the tax office doesn’t like to be forgotten. If you don’t file a declaration, you will face a fine of 340 UAH. If you ignore it again the next year, the amount will increase to 1020 UAH. And that’s not all—fines are also charged for non-payment of the tax itself.

Leave the paperwork to us, and keep your peace of mind

Tired of the mere thought of all these papers, rules, and deadlines? That’s completely normal. If you don’t have the time or inspiration to figure it all out on your own, there is a simple solution. The BuhalteriO team will gladly take all these worries upon themselves.

Entrust your declaration to us, and be confident that everything will be done correctly and on time. And you can spend your time on something more pleasant!