Extending the series of the posts devoted to the amendments made to the Tax Code of Ukraine by the Law No 3609-VI (draft law No 8217), I would like to touch upon the most noticeable of them (at least in my opinion) related to corporate income taxation. Please, bear in mind that in my posts of 29 July 2011 and 18 August 2011 I already outlined the amendments brought by this law with regard to the administration of taxes and VAT.Hence, corporate income taxation was subjected to the following changes:
- It is cleared up that if the primary document does not specify the useful life of intangible assets, the useful life of the intangible assets is said to be 10 years.
- The problem on the non-deductibility of the expenses related to the acquisition of initially offered securities appears to be solved. Such expenses are recognized in the reporting period when the respective securities are sold by the taxpayer.
- The problem on the non-deductibility of the expenses related to the sale of goods advance payment for which was received before the effective date of Title III ("Corporate Income Tax") of the Tax Code of Ukraine and was included into the gross income under the “first event” rule (see in detail my post of 3 June 2011). The amendments enable to recognize those expenses on the day of the delivery of the goods, as well as to adjust income/expenses once the advance is returned to the buyer.
- The period during which taxpayers are immune from liability for corporate income tax violations was prolonged. The corporate income taxpayers can not be penalized not only over 2 and 3 quarters of 2011, but also over 4 quarter of this year.
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