Policy Win: Parliament Adopted the Draft Law on Simplification of Tax Administration
Today, on December 21, the Verkhovna Rada of Ukraine adopted in the second reading Draft Law #5368 “On Amendments to the Tax Code of Ukraine regarding Improvement of Investment Climate in Ukraine”. The Chamber welcomes adoption of this Draft Law by the Parliament as it reflects numerous proposals from the Chamber Members, in particular on the following issues:
- introduction of a Single Public Register of VAT refund and simplifying the procedure of VAT refund;
- improvement of VAT administration e-system;
- setting the tax bill registered in VAT administration e-system as a sufficient document for recognition of VAT credit;
- definition of peculiarities of accounting during reorganization by CIT taxpayers;
- introduction of full e-cabinet of taxpayer;
- introduction of the practice of market participants regarding determination of prices in controlled transactions for forward and futures contracts on the date of their conclusion;
- increasing of cost indicators for recognition of operations as controlled, etc.
It is expected that implementation of this Draft Law will reduce unreasonable pressure on business while increasing the transparency and quality of tax administration in Ukraine.
We would like to thank all Chamber Tax Committee Members who were actively involved in this laborious process.
This development is yet another step done in the context of simplification of tax administration. The Chamber will continue advocating for final practical implementation of this Draft Law by all stakeholders.