PrivatBank has launched an important feature for sole traders: what is it all about?
This is stated in a press release from the bank’s press office.
What service in ‘Privat24’ is this referring to?
Ukrainians have been informed that PrivatBank is continuing to transform mobile banking into a “fully-fledged digital office for entrepreneurs”.
To this end, a new important service has been added to the single “Privat24” app.
From now on, sole traders can:
- submit their single-tax payer tax returns directly via the ‘Privat24’ app;
- pay taxes directly from their smartphone.
“We have taken another step towards the ‘bank as a digital business centre’ model, where entrepreneurs can manage their finances, reporting and mandatory payments from their smartphone, spending a minimum of time on bureaucratic procedures,” said Yevhen Zaigraev, a member of the bank’s management board responsible for corporate business and SMEs.
Who is the new service aimed at?
The new service on ‘Privat24’ is available to:
- Group 1 sole traders;
- Group 2 sole traders;
- Group 3 sole traders.
It is specified that it allows users to complete the entire reporting process without:
- additional software;
- accounting services;
- visits to government offices.
The key feature of this service
PrivatBank explained that the key feature of the solution is the automatic generation of tax returns, as the system independently:
- analyses transactions on the entrepreneur’s accounts at PrivatBank;
- calculates income;
- fills in the necessary fields of the document.
All the entrepreneur has to do is:
- check the information;
- sign the tax return via SmartID.
“Integrating electronic reporting into a mobile app will reduce the administrative burden on small businesses and minimise the risk of errors when completing documents,” noted Zaigraev.
How to submit a tax return and pay taxes online
To use the new service, sole traders need to:
- log in to the ‘Privat24’ app;
- go to the “Tax Returns” section (where users can both view previously submitted returns and create new ones).
Once created and signed, the single-tax payer’s tax return will be sent instantly to the State Tax Service.
Based on the accepted return, it will be possible to pay taxes straight away – within the same app.
“In this way, the entire tax administration cycle – from preparing the return to fulfilling tax obligations – takes place within a single mobile service,” explained PrivatBank.
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