Explanation of tax issues

Correcting an erroneous record in the registry of tax returns submitted or issued (hereinafter – the Registry) is made through a reversing entry according to the rules setting forth the requirements for accounting, at the moment a mistake is revealed, the website of the Ministry of Revenue & Duties says. 

To make a correction in the Registry, it is not necessary to create new (or define the information more precisely) registry. This is specified in item 1, рar. І of the Procedure for Keeping Records in Registry of Tax Returns approved by the Ministry of Revenue & Duties of Ukraine  dd. 25.11.2013, № 708 (hereinafter – the Procedure).

Item 2 of рar.V of the Procedure stipulates the way of making reversing entries in the Registry, in order to correct a mistake, two records are to be entered: an erroneous record with the «–» sign and proper record with the «+» sign.

Cancelation of an entry is made through a reversing entry that states the erroneous amount in the accounting period it is attributed to. When a reversing entry is made by a taxpayer:

- ordinal number of the entry is put down in column 1 of chapters I and/or II of the Registry;

- columns 2 - 6 of chapter I and/or columns 2 - 7 of chapter II of the Registry are used to duplicate document particulars, which quantitative data is reversed;

- columns 7 - 12 of chapter I and/or columns 8 - 16 of chapter II of the Registry contain quantitative data  with the «+» or

«-» sign.

So, to correct an error, a taxpayer should file an adjustments calculation sheet, in this case the document is marked with letter «У» (for example: ПНПУ). In addition, a record on entering the data stated in this document to the adjustment calculation sheet is made separately, in line as follows: «included into the adjustments calculation sheet for the accounting period».

If you want to get detailed information, please visit the website of the Ministry (category 101.21).