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NBU reports a thirteen-fold drop in the balance of payments surplus in June Ukraine's balance of payments was in surplus in June, at an estimated USD 23 million. The surplus stood at USD 266 million in May, USD 290 million in April and USD 306 million in June last year. The figures were released by the press office of the National Bank of Ukraine (NBU). The current account deficit is estimated at USD 125 million. Over the first half of the year it…

Published 31 July 2018. Some rules have changed since; ask us for the current position. VAT returns and adjustment calculations Individuals and companies registered for VAT often find themselves having to refund part of an amount that was paid earlier. To report these adjustments to the tax authority, the reporting itself has to be corrected. Under the law, a supplier may reduce the amount of VAT only once the adjustment has actually been made. A downward adjustment is always reflected in the VAT the taxpayer will pay. A…

Poltava Airport was granted international status at the end of 2017, yet it handled its first flight only on 29 July 2018, once repair works were finished. The opening had originally been planned for May, with a flight carrying Ukrainian holidaymakers to Antalya. The Poltava Regional State Administration (ODA), however, was sceptical about the tour operators' plans and took a realistic view of how much repair work the airport needed before it could operate properly. The restoration and upgrade programme adopted at the start of the year runs for four years, so only part of the plan has…

Published 30 July 2018. Some rules have changed since; ask us for the current position. One adjustment calculation, several reasons Many taxpayers ask whether a single VAT adjustment calculation (розрахунок коригування) submitted to the tax authority can cover several different reasons for adjustment. Situations vary, and the need for an adjustment can arise unexpectedly. The answer is in paragraph 21 of the Procedure for Completing a Tax Invoice, approved by Ministry of Finance of Ukraine Order No. 1307 of 31 December 2015. The order…

Published 27 July 2018. Some rules have changed since; ask us for the current position. Is there a penalty if a tax return is filed late through no fault of the taxpayer? According to individual tax ruling No. 3232/6/99-99-12-02-01-15/ІПК issued by the State Fiscal Service (ДФС) on 23 July 2018, if a company has been seized by raiders or forced to suspend operations and therefore cannot file all the required returns with the tax authority on time, the tax authorities take these circumstances into account and do not…