Ukraine: Draft law proposed to introduce thin capitalization rules
Draft law No. 3357 on amending the Tax Code of Ukraine regarding tax liberalization was registered in the Ukrainian parliament on October 26, 2015. The draft law have proposed several tax measure including thin capitalization rules and distributed
See MoreCyprus-Ukraine initial protocol to treaty
The governments of Cyprus and Ukraine initialed an amending protocol regarding the Cyprus - Ukraine Income Tax Treaty (2012) on 2 July 2015. A press release was published by the government of Cyprus in this regard on 8 September
See MoreUkraine: Revises its Transfer Pricing Legislation
Ukraine has introduced changes to the Tax Code regarding transfer pricing. It was officially published on August 10, 2015, and came into force from August 11, 2015. As per the new law which came into force from August 11 2015, taxpayers are
See MoreUkraine-Ireland income tax treaty enters into force
The income tax treaty between Ukraine and Ireland entered into force on 17 August 2015. The treaty was signed on 19th April 2013. The treaty generally applies from 1 January
See MoreUkraine: President sigend the law on amendments to transfer pricing regulations
President of Ukraine has signed the Law No. 609-VIII on 7 August 2015 regarding Amendments to the Tax Code of Ukraine (in respect of transfer pricing)" (the Law). The Law was officially published on August 10, 2015, and came into force from August
See MoreUkraine: State Fiscal Service published letter regarding tax control over transfer pricing
The State Fiscal Service (SFS) published Letter No. 24525/7/99-99-22-01-02-17 issued on 7 July 2015 addressing the penalties levied for failure to submit transfer pricing (TP) documentation or to include relevant information about controlled
See MoreUkraine: Cabinet of Ministers adopts new advance pricing agreement procedures
Ukraine’s Cabinet of Ministers published Resolution No. 504 on 25 July 2015 regarding conclusion of advance pricing agreements (“APA”) in respect of controlled transactions for transfer pricing purposes. The new Resolution replaces the former
See MoreUkraine: Electronic VAT administration begins from August 2015
The President of Ukraine signed the Law on Amendments to the Tax Code of Ukraine concerning improvement of the administration of value added tax 643-VIII on July 28, 2015. The new electronic system will enter into force on August 1, 2015. The
See MoreUkraine: State Tax Service Clarifies Amendments of the Tax Code
The State Tax Service issued a letter on 21 January 2015 clarifying the latest amendments to the Tax Code in relation to taxation of pensions, interest on bank accounts, dividends, prizes and winnings. Details of the clarification; From 1
See MoreUkraine: Tax Compromise Law Comes into Effect
The State Fiscal Service of Ukraine has released a report stating that the law on tax compromise took effect on January 17, 2015. This law concerns the voluntary revision of unpaid tax liabilities by payers of profit tax and value added tax (VAT).
See MoreUkraine: 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
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