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
See MoreUkraine: STS explains international taxation during martial law
On 3 August 2022, the State Tax Service (STS) of Ukraine explained the rights and obligations of taxpayers and supervisory authorities in matters of international taxation during martial law, taking into account the Ukraine- Russia war. Statute
See MoreUkraine issues law on tax preferences for industrial parks
On 22 July 2022, the Ukrainian State Tax Service (STS) issued a press release on tax preferences for industrial parks. The STS states that the Ukrainian Parliament adopted Law No. 2330-IX on amendments to the ‘Tax Code of Ukraine on creating
See MoreUkraine clarifies transfer pricing requirements under martial law
On 2 June 2022, the Ukrainian State Tax Service (STS) has published a notification that clarifies transfer pricing requirements under martial law conditions in Ukraine, taking into account of COVID-19 situation. Transfer pricing
See MoreUkraine: National Bank increases the interest rate from June 2022
On 2 June 2022, the National Bank of Ukraine decided to increase its key policy rate from 10% to 25% per annum with effect from 3 June 2022. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
See MoreUkraine proposes increased tax rates for companies having business with Russia
On 30 March 2022, the Ukrainian Parliament received Bill No. 7232 (Draft Law) on taxation of business entities related to economic relations with the ‘aggressor state’. Ukraine proposes corporate income tax (CIT) to be increased from 18% to 27%
See MoreOECD: Updates to Transfer Pricing Country Profiles
On 28 February 2022 the OECD released updated transfer pricing country profiles for 22 countries, together with new transfer pricing profiles for six more countries. This is the third batch of updates for 2021/22. The OECD transfer pricing
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