Updated Report on Unified Obligatory Social Insurance Tax: Regulatory Innovations

Abstract

Social policy in a country is conditional on proper administering of the social taxes. Analysis of the regulatory innovations in the reporting formats for the unified obligatory social insurance tax (UST) in Ukraine is given. The updated reporting format for UST is analyzedin the regulatory amendments context. From 01.01.2016, the UST rate in Ukraine was nolonger conditional on the class ofprofessional risk of an enterprise and amounted 22%. The only exceptions were special UST rates for the disabled (8.41, 5.3 and 5.5%), which wouldremain unchanged. Also, in 2016 no UST deductions from individuals’ wages and incomesunder civil contracts are legally fixed. New reporting formats for UST were approved by the Resolution of Ukrainian Finance Ministry “On Amendments to the Procedure for Formationand Presentation of Insurers ’ Report on the Amounts of Unified Tax for Obligatory StateSocial Insurance’ No 441 from 11.04.2016.An example of UST charging and presentation in the accounts is given. The workflow of UST documents by use o f telecommunication technologies is shown. Bills of acceptance/non-acceptance of a UST report, issued by Ukrainian supervisory bodies, are shown. Theauthor’s results will be useful for Ukrainian enterprises and organizations reporting on UST to supervisory bodies.