Published 24 December 2022. Some rules have changed since; ask us for the current position.
Value added tax (VAT; ПДВ in Ukrainian) is charged whenever goods are sold for more than they cost to produce.
When can VAT be refunded?
To make its products, a business has to buy equipment and raw materials. Almost every operation also needs fuel, and VAT is added to its price too. As a result, the business owner ends up paying the tax twice. Rates depend on the type of operation. Under Article 193 of the Tax Code of Ukraine (Податковий кодекс України), the standard rate…
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A financial audit (in legal terms, an audit of financial statements, audyt finansovoi zvitnosti) is an audit service in which accounting data and financial statement figures are examined, after which the auditor expresses an independent opinion on whether the statements comply in all material respects with the national accounting regulations (standards), International Financial Reporting Standards or other requirements. The definition is given in Article 1(1)(1) of the Law of Ukraine «On the Audit of Financial Statements and Auditing Activity» No. 2258-VIII of 21 December…
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In Ukraine, as in many countries, tax law is arguably the most complex area of legislation. It changes constantly, and businesses often find it hard to keep up. That is why companies increasingly turn to tax experts for help.
What is tax consulting?
Tax consulting is a popular business service that aims to design the most efficient tax model for the client. Specialists suggest ways to improve budget planning and tax payments, reduce tax risks and avoid accounting errors.
Since everyone has to pay taxes, qualified tax experts are in demand across…
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Accounts payable are amounts that an individual or organisation owes to other persons or companies. They arise because goods and services are received on one date and paid for on another. This makes an accounts payable audit necessary, and it should be carried out only by highly qualified specialists.
What does the auditor use in an accounts payable audit?
In an accounts payable audit, the auditor draws on several sources of information, including:
supply contracts for products and goods;
invoices…
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Tax advice is among the most sought-after professional services. When taxation becomes complicated and you need expert help, it pays to turn to specialists. It is also important to understand which issues a tax adviser can help you resolve.
What services does tax advice cover?
If you need tax advisory services, it helps to know which tasks qualified specialists can take on. They include:
drawing up employment contracts correctly;
preparing various agreements and contracts;
preparing working papers and reporting documentation…
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