Tax deduction 2024: The deadline to submit the declaration is approaching

Tax deduction 2024: The deadline to submit the declaration is approaching

According to ХВИЛЯ: Officially employed Ukrainians have until December 31, 2025, to submit a declaration to receive a tax deduction for the year 2024. This opportunity is available only to those who receive an official salary from which personal income tax (PIT) is withheld. It is important to note that the total amount of the tax deduction cannot exceed the amount of salary earned during the year.

To obtain a tax deduction, it is necessary to keep all original payment documents for three years. The tax service urges citizens not to procrastinate until the last day, as electronic systems may be overloaded, which can complicate the declaration submission process.

Expenses for which tax deductions can be obtained

Tax deductions can be obtained for various expenses, including:

• Payment for personal education or the education of children, husband, or wife at Ukrainian institutions;
• Part of the interest on a mortgage loan or rent for internally displaced persons (IDPs);
• Expenses for reproductive technologies or adoption services;
• Contributions to non-profit organizations (within 4% of annual income);
• Contributions under long-term life insurance contracts or to non-government pension funds;
• Expenses for converting a vehicle to gas or biofuel.

We urge Ukrainians to take advantage of this opportunity and timely submit declarations so as not to lose the right to a tax deduction.

An important feature of the tax deduction is that it can significantly ease the financial burden on citizens, especially in the context of the economic situation in Ukraine. Keeping original documents and timely submitting declarations can provide necessary financial resources to cover expenses for education, housing, and other important aspects of life. Citizens should be aware of these opportunities to maximize their benefits.