Christmas gifts, whose value in 2013 does not exceed 573.50 UAH, are not subject to PIT taxation
MRD's Main Department in Kirovograd region reminds that the cost of gifts is not included in income of the taxpayer if their value does not exceed 50% of one minimum salary (per month), established as of January 1 of the tax year (in 2013 - 573 50 UAH), excluding payments in any amount. It is explained in the official notification.
So, New Year presents, whose price in 2013 does not exceed 573.50 UAH, are not subject to taxation on personal income. If the value of the gift exceeds the above amount, the tax on personal income is withheld at a rate of 15% (17%). If Christmas gifts are given in the form of money, they are fully included in the taxpayer's income and subject to tax at the rate of 15% (17%).
Please note the tax agents in the tax calculation (form № 1-DF) on the basis of "160" display New Year presents, whose value does not exceed 50% of a minimum wage, and on the basis of "126" - in excess of such amount or in the case of payments in cash.
