New law simplified the business’ life – tax office

23 June 2012 17:33  38515276 015755
New law simplified the business’ life – tax office

The tax office claims that the Law number 4834-VI ‘On Amendments to the Tax Code of Ukraine Concerning the Certain Tax Regulations’ Improvement’ which was signed by the President of Ukraine, is greatly facilitated the work of small and medium businesses. There was taken into account the suggestions concerning the tax administration simplification and was removed unnecessary bureaucracy, said the STS of Ukraine head Alexandr Klimenko.

From now on, the tax payer can reduce the tax rate, in contrast to the exceptional increase which was allowed in the previous version of the rules.

The adaptation period, which does not include penalties, will continue until the end of 2012. And the voluntary VAT payer’s registration does not entail the necessity of compliance with the special conditions concerning the amount of authorized capital and asset values. They are obliged to give the relevant certificated within 5 days instead of 10.

At the same time, the new Tax Law significantly limits the tax payers’ rights. In particular, entrepreneurs are entitled to appeal on the business inspection only to the place of registration, regardless the controllers’ ‘registration’ address. The same structure have to respond to the businesses’ appeals. 

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