Published 10 February 2017. Some rules have changed since; ask us for the current position.
What is driving this? International business "operations" keep growing in scale. That is why international bodies, such as anti-money laundering (AML) organisations, are raising their transparency requirements for international business. The era of classic offshore jurisdictions is passing.
Companies now have to follow the current OECD standards and adjust the way they keep their accounts. To meet the current requirements, tax authorities are doing everything they…
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Published 9 February 2017. Some rules have changed since; ask us for the current position.
What prompted this decision by the Verkhovna Rada? The abolition of the tax police was described as a technical inaccuracy that needed to be corrected.
How? By amending draft law No. 0940 "On amending the Tax Code of Ukraine (regarding the taxation of inheritance)". The person responsible for the issue is Nina Yuzhanina, the committee chair. She stressed that there were no grounds to speak of an intention to keep the tax police in its former shape.
Finance…
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Published 8 February 2017. Some rules have changed since; ask us for the current position.
The Main Office of the State Fiscal Service (ДФС) in Odesa Region has reminded Ukrainian citizens who work abroad, temporarily or permanently, that they must pay tax on their income: 18% personal income tax and 1.5% military levy.
Here is how the tax is paid in more detail.
The taxpayer, in this case a Ukrainian citizen working abroad, must file an annual tax return for 2016. Income received in foreign currency (most likely US dollars) is converted into hryvnias at the National…
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Published 6 February 2017. Some rules have changed since; ask us for the current position.
We recently wrote that the State Fiscal Service of Ukraine (ДФС) is now required to advise taxpayers, and we received a question: when must a sole proprietor (FOP) file a land tax return?
Here is the tax authority's answer: land tax is assessed on the basis of data from the State Land Cadastre. This is provided for in paragraph 286.1 of Article 286 of the Tax Code of Ukraine No. 2755-VI of 2 December 2010,…
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Published 3 February 2017. Some rules have changed since; ask us for the current position.
Sole proprietors (FOP, фізичні особи — підприємці) must keep their primary documents for a full 1,095 days from the date they file their single tax return.
Breaching this requirement, which looks simple but in practice means a very long retention period, can lead to a fine of UAH 510. A second breach (hard as it is to imagine) costs UAH 1,020.
If there are no primary documents for goods (works, services) bought without paying taxes, you will face the penalties set for tax…
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