The Tax Code Of Ukraine Has Recently Undergone Important Amendments

Despite only coming into force on 1 January 2011 the Tax Code of Ukraine (the "Code") has already been amended by the Ukrainian Parliament nine times (the corporate profit tax section of the Code became effective on 01 April 2011).  The practice of frequent amendments to the Code runs contrary to the principle of legal certainty embedded in the Code itself.  Regardless of this, the most recent amendments under the Law of Ukraine No. 3609 On Amending the Tax Code of Ukraine*  represent the most significant changes to the Code since its adoption. 

The amendments to the Code result in tightening the fiscal policy of the Ukrainian government and enhancing the powers of the tax authorities. However, certain amendments are to the benefit of tax payers; in particular, there are a lot of editorial changes to remove the ambiguities in the Code which arose from its hasty adoption and made the interpretation and application of the Code rather difficult.