The Law of Ukraine ‘On Amendments to the Tax Code of Ukraine

The Law of Ukraine ‘On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Support to Taxpayers for the Period of Measures Preventing Spreading of Coronavirus Disease (COVID-19)’ was adopted

At the extraordinary session, the Verkhovna Rada of Ukraine adopted the bill No. 3220 ‘On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Support of Taxpayers for the Period of Measures Preventing Spreading of Coronavirus Disease (COVID-19)’. The document was supported by 359 People’s Deputies.

According to the bill, the following changes will be introduced to the Tax Code of Ukraine:

  • no penalties are applied for violations of tax legislation committed from the 1st of March to the 31st of May, 2020, except:

– violations of requirements for long-term life insurance or non-state pension insurance contracts, including supplementary pension insurance;

– alienation of property held in a tax lien without consent of the controlling authority;

– violations of rules of accounting, production and circulation of fuel or ethyl alcohol at excise warehouses, applicable on a general basis;

– violation of accrual, declaration and payment of VAT, excise tax, rent;

  • there is a moratorium on documentary and factual inspections from the 18th March to the 31st of May, 2020;
  • from the 1st of March to the 31st of May, 2020 a penalty will not be applied to taxpayers, and any penalty assessed during mentioned period is to be written off;
  • deadline for filing the annual declaration on wealth and income is deferred till the 1st of July, 2020;
  • land fees is not assessed and paid for the period from the 1st of March to the 30th of April, 2020;
  • real estate objects possessed by physical or legal entities are non-taxable in contrast to land plots during the period from the 1st of March to the 30th of April, 2020.

In addition, amendments will be introduced to other legislative acts, in particular the Law of Ukraine ‘On collection and accounting of single social dues for obligatory state social insurance’, the Law of Ukraine ‘On obligatory state pension insurance’, the Law of Ukraine ‘On obligatory state social insurance’, the Law of Ukraine ‘On amendments to the Law of Ukraine ‘On transaction registers application in trade, catering and service sector’ and other laws of Ukraine regarding formalization of transactions in trade and service sector’, the Law of Ukraine ‘On amendments to Tax Code of Ukraine concerning formalization of transactions in trade and service sector’.

Full version of the Law is available at the link https://zakon.rada.gov.ua/laws/show/533-20.

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