Policy Progress: Government Approved the Draft Law "On Amendments to the Tax Code of Ukraine (on Improvement of Tax System)"

On October 5, the Cabinet of Ministers of Ukraine approved the Draft Law "On Amendments to the Tax Code of Ukraine (regarding Improvement of Tax System)" developed by the Working Group under the Ministry of Finance of Ukraine with active involvement of experts from business associations, non-government organizations, MPs and the State Fiscal Service of Ukraine. The latest presentation of the Draft Law could be found by the following link.

Chamber welcomes this legislative initiative as it reflects numerous proposals from the Chamber Members, in particular introduction of a Single Public Register of VAT refund and simplifying procedure of VAT refund; improvement of VAT administration e-system; setting the tax bill registered in VAT administration e-system as a sufficient document for recognition of VAT credit; definition of peculiarities of accounting during reorganization by CIT taxpayers; introduction of full e-cabinet of taxpayer; increasing of cost indicators for recognition of operations as controlled, etc.

This Draft Law is expected to reduce unreasonable pressure on business while increasing the transparency and quality of tax administration in Ukraine.

We would like to thank Chamber Tax Committee Members, in particular Anna Lystopad, Chamber Tax Committee Co-Chair, Suntrade S.E./Bunge Ukraine; Lesya Chuyko, lifecell; Lilia Golovko, lifecell; Yaroslav Guseynov, Metinvest Holding; Taisiia Klochko, DANONE LLC; Vadym Kononenko, CREDIT AGRICOLE; Tatyana Korzhova, Metinvest Holding; Taras Koval, Vasko Law Office; Tomas Mikoliyk, Vodafone Ukraine; Mariana Muzychuk, METRO Cash & Carry Ukraine Ltd; Mykhailo Poliakov, Philip Morris Ukraine; Iryna Sukhorosova, METRO Cash & Carry Ukraine Ltd, who were actively involved in this laborious process.

This development is yet another step done in the context of simplification of tax administration and the Chamber will continue advocating for final adoption of this package of amendments to the Tax Code of Ukraine by the Verkhovna Rada of Ukraine.