27 Jun Changes to the tax code of Ukraine
On January 1, 2019, the Law of Ukraine “On Amendments to the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine on Improving the Administration and Revision of the Rates of Individual Taxes and Duties” (the “Law”) came into force. The law is aimed at ensuring the balance of budget revenues by improving the administration of taxes and increasing individual tax rates. The main changes are described below
Transfer pricing
The law provides for the principle of the advantage of content over the form for controlled operations
VAT
The law introduces exemptions from VAT for the import of equipment for wind power plants, disposing of liquid dielectrics, solar panels and inverters
Excise tax
From 1 July 2019, the Electronic Fuel Management System (“CEARG”) will reflect internal fuel movements and metrics for each excise duty
CEAFG will also apply to ethyl alcohol
rent
rental rates for the use of mineral resources for oil and gas condensate production have been increased by 2%: from 29% to 31% for wells up to 5 km deep and from 14% to 16% for wells with a depth of more than 5 km
We will be glad to advise you on the potential impact of the law on your business and to offer you legal solutions that will fit the changes introduced.