Ukraine: Parliament approves draft law to implement BEPS provisions
On 16 January 2020, the Ukrainian Parliament approved draft laws on the improvement of the administration of taxes and elimination of certain inconsistencies in tax legislation (Law No 1209-1 and Law No 1210) to implement the Base Erosion and
See MoreUkraine: National Bank reduces the interest rate from January 2020
On 30 January 2020, the National Bank of Ukraine decided to reduce its key policy rate from 13.5% to 11% per annum with effect from 31 January 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreUkraine: Parliament adopts draft law on amendments to the Tax Code
On 16 January 2020, the Ukrainian Parliament adopted Law No 1210 on amendments to the Tax Code of Ukraine with regard to improvement of tax administration, elimination of technical and logical discrepancies in tax legislation. The important
See MoreUkraine: National Bank reduces the interest rate from December 2019
On 12 December 2019, the National Bank of Ukraine decided to reduce its key policy rate from 15.5% to 13.5% per annum with effect from 13 December 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreUkraine: SFS explains about foreign exchange differences for transfer pricing purposes
Recently, the Ukraine State Fiscal Service (SFS) has explained about treatment of foreign exchange differences if controlled transactions meet the transfer pricing thresholds. Transactions are classified as controlled transactions if the annual
See MoreUkraine: MLI enters into force
On 1 December 2019, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force with respect to the Ukraine. On 8 August 2019, Ukraine deposited its instrument of
See MoreUkraine: Parliament adopts law on state budget for 2020
On 14 November 2019, the Ukrainian Parliament has adopted Draft Law on the State Budget of Ukraine for 2020. There is no increase in the general rate of corporate or individual tax. Expenditures are estimated at UAH 1.18 trillion, including general
See MoreUkraine: SFS issues guidance letter on taxation of freight forwarding services
On 20 November 2019, the State Financial Service (SFS) of Ukraine has issued guidance letter no. 1237/6/99-00-07-02-02-15/IPK regarding taxation of freight forwarding services. The letter clarified that the amount of freight paid by a resident
See MoreUkraine: National Bank reduces the interest rate from October 2019
On 24 October 2019, the National Bank of Ukraine decided to lower its key policy rate from 16.5% to 15.5% per annum with effect from 25 October 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreUkraine: STS clarifies on determination of profits attributable to PE
The State Tax Service (STS) of Ukraine issued Letter No. 353/ІPK/15-32-05-04-02-15 of 25 September 2019 regarding determination of profits attributable to permanent establishment (PE). Permanent establishment (PE) will be recognized as an
See MoreSwitzerland: Federal Council adopts dispatch on protocol of amendment to DTA with Ukraine
On 9 October 2019, the Swiss Federal Council has adopted the dispatch on the approval of a protocol of amendment to the agreement between Switzerland and Ukraine for the avoidance of double taxation with respect to taxes on income and capital
See MoreUkraine: STS clarifies on controlled transactions report
On 18 September 2019, the State Tax Service (STS) of Ukraine explained about the procedure to file report on controlled transactions for transfer pricing purposes. According to the procedure, representative office that does not meet the conditions
See MoreUkraine increases penalties for tax evasion
On 23 September 2019, the Ukrainian President Volodymyr Zelenskyi has signed Law No. 101-IX on amendments to the Criminal Code of Ukraine and the Criminal Procedure Code of Ukraine, as adopted by the Parliament on 18 September 2019. The Law
See MoreUkraine submits draft law on amendments to the Tax Code to Parliament
On 30 August 2019, the Ukraine has submitted draft law no. 1210 to the Parliament amending the Tax Code on improving tax administration, removing technical and logical mismatches in the tax legislation. The three main areas of the draft law
See MoreUkraine: MOF amends taxpayer’s audit compliance with the arm’s length principle
On 6 September 2019, the Ukrainian Ministry of Finance (MOF) has published Order No. 307 of 16 July 2019 in the official gazette amending Order No. 399 of 30 March 2017. The amendment clarifies the procedures to audit compliance with the arm’s
See MoreUkraine issues guidance on transactions between non-resident and its representative offices
On 16 August 2019, the Ministry of Finance issued Order No. 345 providing guidelines on transfer pricing arrangements for transactions between non-residents and their representative offices and permanent establishments in Ukraine. The Order
See MoreUkraine: DTA signs with Singapore
On 16 August 2019, the amending protocol to the Double Taxation Agreement (DTA) between Singapore and Ukraine was signed to update the Exchange of Information Article according to the OECD standard for information exchange,
See MoreUkraine signs amending protocol to DTA with UAE
On 24 July 2019, the Cabinet of Ukraine approved to sign an amending protocol to the Double Taxation Agreement (DTA) with United Arab Emirates (UAE). The provisions of the draft protocol fully comply with the requirements with the Organization for
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