Ukrainian simplified tax and VAT regime update

7 December 2011

There are to be amendments to the simplified tax code of Ukraine from 1 January 2012.

The simplified, or unified, tax system provides for reduced Ukarinian tax reporting requirements for businesses and individuals meeting key criteria.  These based around turnover, number and staff employees e.g. for businesses employing less than 50 staff.

Companies falling within the permitted reporting restrictions now face reduce tax rates, as well as simplified reporting, as below.  The current Ukrainian VAT rate is 20%

  • 3% of turnover – increased to 5% of turnover if not registered for VAT
  • 6% of turnover – increased to 10% of turnover if not registered for VAT

 

For clarity on which rate your business may be liable to, please contact us for free guidance - click here
 
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