Let us inform you about the changes in the legislation of Ukraine that came into effect in August 01, 2011.
From August 01, 2011 business entities can be registered as VAT payers voluntarily – regardless of the taxable supplies – if their authorized capital or book value of assets exceeds 300 000 hryvnya.
A new compulsory requisite of the tax invoice is introduced, which is the code of goods according to UKTZED (Ukrainian Classification of Goods of the Foreign Economic Activities), at all stages of supplying of excisable and imported goods. From January 01, 2012 tax invoices issued when delivered excisable goods and the goods imported into the customs territory of Ukraine, are subject to registration in the Single Register regardless of the VAT amount in one tax invoice.
Starting from January 01, 2012 while providing reporting on cash register to the tax authorities, business entity is obliged to submit an electronic control tape.
Starting from August 01, 2011 summarized fiscal explanation letters are returned. They will be called as “summarized written fiscal clarifications”. Position of the controlling body that is formed in the result of general conclusions of fiscal clarifications provided to tax-payers will be stated in such clarifications.
The demand on reflection of permanent and temporal deferred tax differences in taxes in financial reporting will come into effect in January 01, 2013.
Physical persons who got income from several tax agents within a year in case the total sum of such incomes in any month of the year exceeded 10 minimal salaries set by legislation as of January 01 of the reporting tax year (in 2011 – 9410 hryvnya) are obliged to submit tax return with the results of the reporting year till May 01, 2012. The purpose of such reporting is to clarify the amount of personal income tax due to payment to budget and apply the rate 17% to incomes exceeding the limit acceptable for taxation at 15% (in 2011 – 9410 hryvnya).
To get more detailed information regarding the above mentioned changes in legislation, please, don’t hesitate to contact us. You can find all contact details in attached document.