Ukraine 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
See MoreUkraine: Reduces corporate income tax and Value Added Tax (VAT) rates
Ukraine has reduced corporate income tax and VAT rates from 1 January 2014. The reduced rates are: For corporate income tax: 18% from 1 January 2014 to 31 December 2014; 17% from 1 January 2015 to 31 December 2015; 16% from 1 January 2016. VAT
See MoreUkraine: Tax Code Changes Included in 2014 Budget
The Ukrainian President signed the law on the state budget for 2014 on January 17, 2014. The draft law on the budget provides for changes to the country's tax code. According to the draft the value-added tax rate will remain unchanged at 20 percent
See MoreUkraine: Transfer pricing report
The Ministry of Taxes and Charges has issued the official form for the transfer pricing report under Ukrainian law, and has clarified the procedures for completion. The documents were approved by Ministry of Taxes and Charges Order No.
See MoreUkraine: Introduces a value-added tax exemption
In a statement on January 8, 2014, Ukrainian Prime Minister confirmed that he had ordered the preparation of draft legislation to amend the country's tax code to lower the cost of natural gas for consumers. The price for consumers will be reduced by
See MoreUkraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreIMF recommends that Ukraine postpone its plan to implement lower tax rates in 2014
According to a Ukrainian government press release issued on 28 October 2013, delegates from the International Monetary Fund (IMF) have recommended that Ukraine postpone its plan to implement lower value-added tax rates and income tax rates in 2014.
See MoreUkraine withdraws VAT cut plans
Ukraine had previously planned to decrease its VAT rate along with lowering its corporation tax rate. However since Ukraine is struggling with a weak economy, the government is now considering shelving plans to cut corporate tax and VAT next year to
See MoreCyprus and Ukraine finalize the procedures to bring new treaty into force
The Inland Revenue Department of the Ministry of Finance of Cyprus issued Circular No. 2013/16 on 23 September 2013, expressing that Cyprus and Ukraine have both completed all the procedures required to bring into force the new Double Tax Treaty
See MoreUkraine: Cabinet Authorizes Signing of Double Tax Agreement with Sri Lanka
Ukraine’s Cabinet of Ministers approved on 18 September 2013 the signing of a draft agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital with Sri Lanka. They have authorized
See MoreTax treaty between Malta and Ukraine signed
Malta and Ukraine signed an income tax treaty on 4 September 2013. The treaty is expected to contribute to developing trade and economic relations between the two countries. The signing of this treaty is also in line with Ukraine’s policy of
See MoreUkraine: New transfer pricing rules
A law “On the Amendments to the Tax Code of Ukraine Regarding Transfer Pricing” passed its second and final reading on 4 July 2013 and was adopted by the Ukrainian Parliament. This legislation will become effective from 1 September
See MoreUkraine and Malta to sign double tax convention
The governments of Ukraine and Malta are intending sign a convention on the avoidance of double taxation and the prevention of tax evasion. It approved by Ukraine’s Cabinet of Ministers on July 24, 2013. Under the draft convention, the withholding
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