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Tax reforms will affect businesses
The recently adopted law on tax reform introduced important changes to the Tax Code for 2015 including the cancellation of minor taxes, new taxes on businesses and increased tax rates. Taxand Ukraine discusses the key areas for MNCs.
The main changes can be found below:
Corporate profit tax (CPT)
As a move towards simplification for taxpayers, under the new rules the taxable base for CPT will be financial accounting profits adjusted for certain differences. The list of differences is shorter compared to the list of restricted deductions under the previous rules.
Electronic VAT administration system
This will start operating in test from 1 February 2015 to 1 July 2015 and then in full operation. Paper invoices will be abolished. All invoices are subject to registration with the central
database of tax authority starting 1 February 2015.
The new rules have many uncertainties and more are likely to be discovered in the process of their application. The government already announced its intention to propose amendments in February 2015.
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