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Journal: Academic Bulletin "Economics and Region" (Vol.6, No. 55)

Publication Date:

Authors : ; ;

Page : 131-136

Keywords : single social contribution; compulsory state social insurance; single contribution payers; single social contribution accountancy.;

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In close connection with wages estimates are those of the obligatory state social insurance. Mandatory state social insurance is a system of rights, obligations and guarantees, which include the provision of social protection, including, in its turn, financial support for citizens in case of illness, complete, partial or temporary disability, widowhood, unemployment for reasons beyond their control, or by age and other cases as provided by the law, at the expense of funds that are generated by the payment of premiums by the owner or the authorized body (the employer), as well as budgetary and other sources provided by the law. Introduction of Single Contribution led to simplification procedures for reporting and paying Single Contribution. These changes have contributed to avoiding duplication of insurance funds functions, related to the creation and operation of insurance assets; significantly reduced the costs of creating and maintaining an information system registration of insurers, and insured persons as simplified taxpayers; helped to the completeness and timeliness of reporting and monitoring; the Fund contributed to reduce administrative and operating costs; to reduce errors when calculating contributions; it have reduced paper circulation and the costs of financial transactions and significantly reduced the risk of inconsistencies within the system as a whole. Single Social Tax (Single Contribution) is a premium, consolidated for all types of state social insurance. On 28 December 2014 the Parliament adopted a Law to legalize payroll. The procedure of collection and accounting of a single social contribution under the new law of Ukraine "On the reform of compulsory social insurance and legalization of payroll" has undergone a significant reform. Introduction of Single Contribution has improved the social security system as well as the control system and guarantees to insured persons. During registration, the company needs only one register of the Pension Fund as a single social tax payer. However, drawbacks to effect change in the system of Single Contribution should include fines high enough for untimely payment and for mistakes in calculating Single Contribution and maintenance, as increasing social burden on individual entrepreneurs, being the only addition to the tax, required to pay the minimum of Single Contribution wages regardless of the income. Thus, the introduction of a single social contribution is a very relevant subject for research and development, since it is necessary advantages of this contribution.

Last modified: 2016-07-20 17:26:00