Ukraine VAT cut and compliance reform

17 December 2010

In November 2010, the Ukrainian Finance Minister issued an announcement of future planned cuts to the VAT rate and other compliance changes.  This came as part of a range of VAT compliance changes in the new Ukrainian Tax Code.  Below is a summary

Click here if you would like to speak to Pavlo Boyko at TMF Ukraine

• The VAT rate will be reduced from 20% to 17% with effect from 1 January 2014;
• The threshold for VAT registration will now be UAH 300,000 - approx. EUR 30 000;
• Automatic 23-day VAT refunds for resident Ukrainian enterprises;
• For the refund of tax credits in Ukraine, VAT invoices must be included in a return within 12 months of their issuance date; and
• Accounting, legal and audit services will no longer be liable to VAT.

Click here to download a PDF memo on the new Ukrainian Tax Code

Click here if you would like to speak to Pavlo Boyko at TMF Ukraine, who can help with local VAT compliance, company formation and outsourced bookkeeping, payroll & HR services.

For international VAT compliance services, please contact our UK central co-ordination centre:

Tel: +44 (0)870 067 8881

Email: enquiries@tmf-vat.com