On May 2, 2023, the Parliament adopted Draft Law #8137 amending the Tax Code regarding improvement of the controlled foreign companies’ taxation as basis.
Draft Law #8137 allows taxpayers to prolong the deadline for reporting on controlled foreign companies. It also improves tax audit procedures, simplifies the procedure for calculating adjusted net income, clarifies terms legal and factual control.
Adoption of proposed changes outlined in Draft Law #8137 will streamline and enhance the administration procedures of disclosure of information about controlled foreign companies, which will ultimately ensure more equitable balance between public and private interests.
The business community welcomes the adoption of Draft Law #8137 as a basis and calls for its support in the second reading. In addition, AmCham Ukraine members are preparing proposals for the second reading and will be grateful for their consideration.
We would like to thank all AmCham Ukraine members who were actively involved in this advocacy process for their contribution.