The Parliament of Ukraine has codified all tax legislation by
adopting the Tax Code of Ukraine.
The Tax Code comes into force on 01 January 2011, except for
certain sections that will become effective at a later date (for
example, the section related to corporate profit tax will take
effect on 01 April 2011).
With its adoption, a number of concepts common in other
jurisdictions (for example: beneficial owner, true business goal
and substance over form) have now become part of Ukrainian tax
legislation. In addition to codifying existing tax
principles, the Tax Code introduces a new real estate tax, which
has not been levied before in Ukraine.
Despite the intention to bring more clarity and consistency to
tax legislation through codification, the new Tax Code appears to
lack the intended clarity and tends to be more fiscally oriented
than the tax laws that were effective before its adoption.
Existing court practice and tax authorities' clarifications are
thus
