New amendments to the Tax Code to legalize advance fees

New amendments to the Tax Code, adopted in the background of a controversial language law, will allow tax authorities legally collect advance fees. The essential innovations are in the bill number 10224 with an unnoticeable name "On Amendments to the Tax Code (with respect to the State Tax Service and in connection with the administrative reform in Ukraine)" between the first and second readings. According to experts, they have little to do with the administrative reform, however, significantly increase the powers of tax authorities to monitor the payment of taxes.

In case of signing by the guarantor, tax service will be entitled to claim tax advance payments from the businesses.

Unprofitable enterprises will be deprived of automatic VAT compensation.

Source: http://www.avianews.com.ua