From January 1, 2025, individuals have the opportunity to receive a tax deduction for expenses incurred in 2024. We will explain what the conditions are and what is required below.
To receive a tax deduction, you must submit an annual tax return on your assets and income. This should be done no later than December 31, 2025.
Importantly! The right to a tax deduction does not carry over to the next year. In simple terms, this means that expenses for 2024 can be certified and a portion of the funds can be received as cashback only until the end of the current year.
What expenses can you get a tax deduction for?
First of all, it should be noted that the right to receive a tax discount is approved in accordance with Article 166 of the Tax Code of Ukraine, taking into account a number of costs. These include:
- part of the amount of interest paid for the use of a mortgage loan;
- charitable contributions or donations to non-profit organizations;
- funds paid for tuition to public educational institutions;
- insurance payments under long-term insurance contracts;
- costs of assisted reproductive technologies;
- expenses for paying the cost of public services for the adoption of a child;
- amounts paid for vehicle conversion;
- rent for internally displaced persons;
- COVID-19 treatment costs;
- the amount of expenses for the purchase of shares of issuing companies that are residents of “Diya City”.
How to file a declaration?
In order to receive such a discount, an individual (taxpayer) must submit a declaration to the control body with which he is registered. This can be done in several ways:
- personally or through an authorized person;
- by mail with a return receipt and a description of the attachment;
- in electronic form via electronic means of communication, in accordance with the requirements of Ukrainian legislation on electronic documents.
Who else is eligible to receive a tax deduction for expenses?
A student can apply for a tax deduction, but only if he has official earnings from which he paid taxes (or any member of his first-degree family).
In addition, tuition fees for preschool, after-school institutions, general secondary education, vocational (vocational and technical) and higher education institutions are also reimbursed.
