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Dear readers, take my warmest wishes for upcoming New Year and Christmas!
I wish you happiness, good health, good
luck, the fulfillment of the innermost dreams and, of
course, the loyalty and understanding
of the tax authorities, which is, with no doubt, one
of the most desirable things for taxpayers.
The following is the brief outline of the New Years Gifts waiting
for Ukrainian taxpayers –
the major changes to tax legislation
coming into force from 1 January 2012:
- Individual tax consultations may be provided by the tax authorities in an electronic form;
- Corporate income tax rate will be 21 per cent (as against current 23 per cent);
- The minimum value of tangible assets treated as fixed assets will rise from UAH1,000 to UAH2,500;
- Expenses incurred in favor of individuals-unified tax payers will be deductible;
- The moratorium put on the application of financial penalties for breaching the rules governing corporate income taxation (effective from Q2 2011 to Q4 2011) will be lifted;
- Securities traders will be automatically considered to be the tax agents of the individuals involved in the trading of investments assets (to date, the tax agent agreement is required);
- A taxpayer will be obliged to register its VAT invoices in the Unified VAT Invoices Register if those are issued for an amount of VAT exceeding UAH10,000;
- A taxpayer will be also obliged to register its VAT invoices in the Unified VAT Invoices Register irrespective of the amount of VAT concerned if those are related to either excisable or imported commodities;
- The new VAT rules for processing enterprises - producers of dairy and meat products will come in effect;
- The new rules relating to unified tax assessment will become applicable;
- The minimum amount of tax evasion for criminal liability will increase from UAH470,500 to UAH536,500.
It was also initially planned that beginning from 1 January 2012:
- corporate income tax payers will file their financial statements displaying permanent and temporary tax differences;
- corporate income tax payers will submit their financial statements along with tax returns to the tax authorities;
- tax on real estate other than land will be collected.
Nevertheless, the Ukrainian Parliament showed its humanity and in July
2011 (according to the law No 3609-VI)
suspended the introduction of those innovations.
The changes related to financial statements will become effective from 1 January 2013 and
the real estate tax will be
collected from 1 July 2012.
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