Law No. 466-IX, which improves tax legislation entered into force

On Friday, May 22, in the Voice of Ukraine No. 84 (7341), Law No. 466-IX of 16.01.2020 “On Amending the Tax Code of Ukraine regarding Improving Tax Administration, Removing Technical and Logical Tax Issues” was officially published Legislation” (previously Bill No. 1210).Most of the provisions of the Law came into force on Saturday, May 23, 2020 (except for some changes that come into force on July 1, 2020 and on January 1, 2021).

In particular, the Law provides a number of changes aimed at improving and simplifying the system of tax administration, its harmonization with international standards. It also provides the implementation of international tax control standards for all participants in international trade and implementation of the provisions of the Plan of Action to Combat the Dilution of the Taxable Base and the Removal of Profit from Taxation (BEPS Action Plan).In addition, the Law amended current legislation regarding the examination of verification materials, which will be carried out by the opposition review commission.

The procedure for appealing decisions of regulatory bodies by creating a permanent deliberative body, namely, the Appeals Commission for the consideration of taxpayer complaints, has been transformed, the authority of which will include the consideration of complaints about decisions of the traffic police.The size of fines for violation of tax laws has been changed and the cost threshold for fixed assets has been increased (from 6,000 UAH to 20,000 UAH).

Source: State Tax Service of Ukraine