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ARTICLE · 02 NOVEMBER 2020

Tax Amnesty In Ukraine

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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At the present, the most popular topic in Ukraine concerns tax amnesty and the rules relating to controlled foreign companies. Currently, there is a draft legislation which will provide tax amnesty

CyprusTax
Dmytro Perevozchykov
Dmytro Perevozchykov
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TAX AMNESTY UKRAINE

At the present, the most popular topic in Ukraine concerns tax amnesty and the rules relating to controlled foreign companies. Currently, there is a draft legislation which will provide tax amnesty with the following tax rates: 5% is the general tax rate, 9% is for foreign assets and, 18% is for cash. The Ukrainian Government is planning to complete tax amnesty during the year 2021.

In accordance with the draft legislation mentioned above, it will be prohibited to use the tax declarations applied during a tax amnesty as evidence in Court regarding other cases. The proposed tax amnesty has created number of questions on the part of businessmen and tax advisors.

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