Ukraine: Parliament Approves Tax Reform Plans
The Ukraine Parliament approved a package of laws on December 28, 2014, which significantly amend the system of taxation in Ukraine. Key changes are summarized below; General Provisions Number of taxes was decreased from 22 to 11 (including 2
See MoreUkrainian Cabinet Dissolves DTA With Cyprus
The Cabinet of Ministers of Ukraine approved the draft law on the denunciation of the Cyprus - Ukraine Income Tax Treaty (2012), on December 17, 2014. Prime Minister of Ukraine, Arseniy Yatseniuk said that when the convention was signed in 2012, it
See MoreMemorandum of understanding between Ukraine and OECD signed
The OECD and Ukraine signed a memorandum of understanding (MoU) on 7 October 2014 to help Ukraine's efforts to tackle corruption, strengthen its tax system and promote competitiveness. The Memo determines priority areas and cooperation forms for
See MoreUkraine agrees to tax relief to boost compliance
As part of changes to the tax regime announced by the head of authority, Ukraine intends to cut the number of taxes and fees payable by businesses from 22 to 9. This initiative is taken to foster an improved working relationship with taxpayers. The
See MoreEU-Ukraine Association Agreement Ready To Ratify
The technical preparation of the EU-Ukraine Association Agreement for its subsequent ratification by parliament will be completed in the near future, the Ukrainian Foreign Ministry has said. Both sides will progressively establish a free trade area
See MoreUkraine changes VAT anti-fraud strategy for 2015
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
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreRussia: Introduce tariffs on Ukrainian products
On the basis of provisions place out by the Vienna Convention on international treaties, Russia is looking for chances to initiate protection measures in its trade relations with Ukraine. Ukraine has signed the economic part of the Ukraine-European
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MoreCzech Republic -Ukraine DTT protocol ratified
The Czech Republic has ratified the amending protocol to the Czech Republic - Ukraine Income and Capital Tax Treaty (1997) on June 24, 2014 and it was signed on October 21, 2013. Further details will be reported
See MoreUkraine: Plans to crack down on the gray economy
The Government is fighting against tax evasion, highlighting a new policy of focusing efforts on the tax affairs of major companies and new policy to counter the gray economy, said Ukraine’s Deputy Minister of Revenue and Duties, Volodymyr
See MoreEU Signs Historic Trade Pacts with Eastern States
The European Union (EU) and three of Russia’s neighbors signed sweeping trade-and-political agreements that will ultimately eliminate tariff barriers to trade. The deals with Ukraine, Georgia and Moldova which will provide for a deep and
See MoreUkraine Unveils IMF-Backed Fiscal Reforms
A raft of economic reforms has been published by Ukraine including some tax measures. Government revenue is to be increased by combating direct tax evasion and tightening the value added tax system to reduce the amount of avoidance and fraud. The
See MoreUkraine: Tax cut on medical supplies
Ukraine’s Cabinet has asked parliament to approve a bill to reduce tax rates in respect of medicines and medical products, and to approve a visa-free procedure with the European Union. The Ukraine government is looking to introduce changes to the
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreUkraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreUkraine – VAT bonds introduced by the parliament
Ukraine has passed a new measure to clarify the procedure for obtaining VAT refunds through VAT bonds (Law No 4575). The new law clarifies that VAT bonds will cover refunds claimed before 1 January 2014 but these bonds are only available in respect
See MoreEU- To Cut Tariffs On Ukrainian Exports
The European Union (EU) is to temporarily cut tariffs on Ukrainian exports until November 1, 2014. The EU has announced that it hopes in the meantime to sign the Deep and Comprehensive Free Trade Area (DCFTA) agreement with Ukraine. The College of
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