Ukraine issues controlled foreign companies (CFC) notification requirements
On 28 March 2024, the State Tax Service of Ukraine released a notice directed to companies and individuals residing in Ukraine, detailing their duty to report on controlled foreign companies. This notification outlines the requirement for
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Ukraine revises form and procedures for county-by-country (CbC) reports
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies
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Ukraine cuts interest rate impacting late payment penalties
On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December
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Ukraine reports 2023 transfer pricing adjustments results and penalty relief
On 22 February 2024, the State Tax Service of Ukraine published a release about the outcome of the transfer pricing adjustments in 2023. The release mentioned that from 1 August 2023 until the conclusion of martial law in Ukraine, taxpayers can
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Ukraine mandates reporting of controlled foreign companies (CFCs)
On 6 February 2024, the State Tax Service of Ukraine issued a release outlining the mandatory reporting of controlled foreign companies. The State Tax Service of Ukraine informs that the campaign for submission by controlling persons of Reports on
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Ukraine introduces CbC reports filing for the first time
On 11 January 2024, the State Tax Service of Ukraine, in a release announced it has introduced Country-by-Country (CbC) reporting for the parent companies of the international groups of companies for the first time in the country. The CbC reporting
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Ukraine approves 2024-2030 national revenue strategy with tax reforms
On 27 December 2023, the Ukrainian government approved the National Revenue Strategy 2024-2030. The strategy includes several tax reforms, among other things. The key points of the strategy are as follows: 1. Reform the simplified taxation
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Ukraine provides clarification on windfall tax for banks
On 23 December 2023, the State Tax Service of Ukraine released Newsletter No. 6/2023, which provides clarification on the implementation of the windfall tax on banks per Law 3474-IX. This legislation introduced a tax rate of 50% on bank profits for
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Ukraine: National Bank reduces interest rate from October 2023
On 26 October 2023, the National Bank of Ukraine decided to reduce its key policy rate from 20% to 16% per annum with effect from 27 October 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to
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Ukraine proposes to temporarily double the corporate income tax rate for banks
On 19 October 2023, the Ukrainian Parliament (Verkhovna Rada) passed Draft Law 9656-d in the first reading. Accordingly, Ukraine proposes to temporarily double the corporate income tax rate from 18% to 36% for banks for tax periods starting from 1
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Ukraine: Government proposes the lifting of the moratorium on tax audits
On 6 September 2023, the Cabinet of Ministers of Ukraine proposed Draft Law No. 10016 to the Parliament, titled “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on the Cancellation of the Moratorium on Tax Audits”. The
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Ukraine proposes windfall tax on banks in draft bill
On 28 August 2023, the Ukrainian Committee on Finance, Taxation and Customs Policy submitted a draft bill to the Parliament, suggesting the implementation of a 5% windfall tax on banks' net interest income. This windfall tax will be effective
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Ukraine ensures technical capacity for information exchange on CRS and CbCR
On 17 August 2023, Ukraine announced that the development of software for the State Tax Service of Ukraine has been completed, which will ensure the international automatic exchange of information under the Common Reporting Standard (CRS) and the
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Ukraine: National Bank reduces interest rate from July 2023
On 27 July 2023, the National Bank of Ukraine decided to reduce its key policy rate from 25% to 22% per annum with effect from 28 July 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
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Ukraine clarifies about industrial parks tax incentives
On 9 December 2022, the State Tax Service (STS) of Ukraine issues a press release providing details about industrial parks tax incentives. Industrial Park tax incentives is regulated by the Law of Ukraine № 5018-VI as of 21 June 2012. Law
See MoreUkraine joins MCAA on the exchange of CbCR
On 4 November 2022, the Ukrainian State Tax Service (STS) announced that Ukraine joined the Multilateral Competent Authority Agreement (MCAA) on the exchange of country-by-country reports (CbCR) on 3 November 2022. Ukraine joins the MCAA-CbC to
See MoreUkraine clarifies procedures for completing report on controlled transaction
On 19 September 2022, the State Tax Service (STS) of Ukraine clarified the procedure for filling and completeness of submission of report on controlled transactions. STS reminds that in accordance with requirements of Article 39 of the Tax Code,
See MoreUkraine specifies the submission of TP reports by September 30
On 17 August 2022, the Ukrainian State Tax Service (STS) announced that the deadline for submitting transfer pricing (TP) reports on controlled operations and notifications on participation in the international group of companies for the reporting
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