Ukrainian Tax Alert | August 2014
Ukraine introduced a new anti-crisis law “On Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine”, No. 1621, dd. July 31, 2014. The main purpose of the Law is to increase revenues to the state budget and ensure fairness in taxation.
The main purpose of the Law is to increase revenues to the state budget and ensure fairness in taxation. The Law introduced a number of important changes in the tax legislation of Ukraine, in particular:
- established a military contribution to be withheld from salaries;
- strengthened control over VAT administration;
- cancelled corporate income tax exemptions for some types of income.
Some provisions of the Law have already come into force on August 3, 2014, while other provisions will take effect on September 1, October 1 and January 1, 2015.
Gregoire Dattee