PrivatBank has introduced a new 'Limit Control' widget in the 'Privat24 for Business' mobile app. The tool is designed for individual entrepreneurs (sole proprietors) and allows them to automatically calculate income and monitor compliance with the annual limit in accordance with their current taxation group. This was reported by RBC-Ukraine, citing the bank's press service.
Automatic analysis of transactions without manual calculations
The system independently analyzes the entrepreneur's financial transactions on the account and separates incoming funds that are counted as income from those that should not be included in the calculation. In particular, the widget automatically tallies deposits into the individual entrepreneur's current account, taking acquiring fees into account. Transactions that are not considered income under the law are excluded from the calculation: transfers between one's own accounts, deposit refunds, and credit funds. According to the bank, this should help sole proprietors avoid manual calculations and errors when monitoring the limit.
Manual additions and determination of the taxation group
The system allows income received outside of PrivatBank accounts to be added manually — for example, cash receipts. This ensures they are included in the overall calculation and prevents the figure from being understated. The taxation group is determined automatically via the 'Electronic Reporting' service, and the corresponding maximum limit is pulled in. If necessary, the entrepreneur can change these parameters manually.
Reporting periods for the third group
For sole proprietors in the third taxation group, a reporting period can be selected: the first quarter, six, or nine months. This feature allows income to be calculated and recorded over the desired time frame when preparing and filing tax reports, which is particularly relevant during declaration periods.
How to use the widget
To access the feature, you need to update 'Privat24 for Business' to the latest version. The widget is located in the 'Analytics' section. It can be reached in two ways: via the account card on the main screen — by tapping '⋮' and selecting 'Analytics', or via the 'Statement' menu — 'Analytics' — 'Limit Control'. PrivatBank emphasizes that the new tool is intended to simplify tax metric monitoring for small and medium-sized businesses and make this process fully automated.
Context: digitalization of business services
The launch of the 'Limit Control' widget continues PrivatBank's line of integrating financial management, reporting, and mandatory payment tools into a single mobile application, 'Privat24'. Entrepreneurs have already been able to manage key financial operations from their smartphones, and the new widget complements this set with a feature for proactive monitoring of tax obligations, reducing the risk of exceeding the limit and the associated penalties.
