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Tax terror

This is what Ukrainian entrepreneurs called the new law, which expands the rights of regulatory authorities, complicates tax rules, introduces unprecedented control mechanisms for foreign companies, and more.

The President of Ukraine Volodymyr Zelensky signed the law №1210 “On Amendments to the Tax Code of Ukraine to improve tax administration, eliminate technical and logical inconsistencies in tax legislation.” This was reported by the press service of the President’s Office.

Experts of the Union of Ukrainian Entrepreneurs report that the draft law №1210 was developed and voted before the economic crisis and pandemic, which significantly affected a significant number of proposed changes, so the implementation of contradictory rules does not meet the current economic realities.

Simultaneously with the signing of the law, the President submitted to the Parliament a package of proposals to amend its text. These changes should be prepared within three months in collaboration with experts and businesses.

The government should also prepare, with the involvement of business representatives, experts, and MPs, proposals for the systematic improvement and simplification of procedures for the administration of taxes and fees, ensuring clarity of tax rules, unification, and clarity of terminology.

Natalia Tolub

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