Sole proprietors who were on the general tax system for at least one day in 2024 must file a tax return on property status and income. The deadline for submitting the report is April 30, 2025.
Many entrepreneurs switched to the general system from the simplified one in order to put their sole proprietorship on pause, because on the general system, in the absence of activity, you do not need to pay any taxes, including the single social contribution. However, the period of stay on the general system should be indicated in the declaration. Entrepreneurs must also submit a declaration of property status and income for this period.
Please note that individual entrepreneurs of groups 1 and 2 who registered in 2024 automatically fell under the general taxation system. This means that they are also required to file a declaration.
Tax consultant Mykhailo Smokovich explained how to file this declaration.
Recall that in 2024, almost 210 thousand individual entrepreneurs were closed in Ukraine, which is the highest figure in the last 5 years. Experts say that the reasons for the mass closure of sole proprietors are economic difficulties, changes in tax legislation and migration processes.
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