New Tax Rules In Ukraine

Starting from this year a number of amendments to the Ukrainian tax laws entered into force. Despite heated discussions over several versions of the Ukrainian tax reform, the adopted legislation has not radically changed the basic tax rules.

Below we provide highlights on some of the major changes:

Business taxation

Corporate income tax. The tax rate remains unchanged – i.e., 18%. As it was previously, the taxable profit shall be calculated according to the rules stipulated by the accounting standards, subject to some exceptions and differences. Two main changes are worth to be mentioned:

1. abolishing of the monthly advance tax payments (except for the first three quarters of 2016); and