In order to reduce extensive fraud on VAT, the Ukraine VAT code is to be updated from January 1, 2015.
The changes include;
- The VAT registration threshold is to be increased from UAH 300,000 to UAH 1,000,000.
- Goods may not be sold for an amount lower than the taxable purchase price without authorization.
- Compulsory electronic invoices are to be introduced to help eliminate VAT extensive fraud, and invoice numbering logged with central invoice portal.
- Imports of services from outside of Ukraine may be declared in the same month as the output instead of the following month.
