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Ukrainian Economy
Economy

Verkhovna Rada subject committee approves new package of tax changes

Author
Valery Moiseev

The Verkhovna Rada Committee on Finance (headed by Danylo Hetmantsev) recommended that a new package of tax changes (bill No. 7360) be adopted immediately and as a whole, MP Yaroslav Zhelezniak said.

Its main provision is that the work of the electronic administration system (EAS) of VAT is fully resumed, so it will be possible to register tax invoices without any problems and move towards the resumption of VAT refund, the MP noted.

Other important provisions of the bill No. 7360 include:

  • VAT refund from the budget is resumed, it will be in cash;
  • registration of tax invoices for February — May 2022 is provided until July 15, 2022;
  • taxpayers shall not be liable for late reporting or paying taxes in the period from February 24, if these tax obligations were fulfilled within 60 days from the date of such possibility;
  • obligation to pay taxes and submit reports for taxpayers who can fulfill this obligation in a timely manner is resumed. The list of documents confirming the impossibility of fulfilling tax obligations will be determined by the Ministry of Finance;
  • taxpayers who switched to the simplified taxation system with the payment of 2% tax shall not be liable for late fulfillment of tax obligations from February 24 until the transition to the simplified system, provided that such obligations are fulfilled within 60 days from the date of transition to the simplified system;
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  • taxpayers who correct errors in their reports before July 20, 2022 are exempt from penalties;
  • amounts of a tax credit for goods that were destroyed as a result of the war are included in the tax credit, but are not subject to refund from the budget;
  • desk and documentary audits of tax reporting are resumed;
  • it is allowed to import buses, trucks, and special vehicles (codes 8702, 8704, and 8705) that comply with Euro-3 standards, but it is forbidden to alienate them for three years.

Zhelezniak added that, most likely, there would not be any consideration of the controversial bill No. 7311-d yet. Although the Committee had previously recommended that it be adopted on first reading.

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