MPs cut number of taxes in Ukraine from 22 to 9

The Verkhovna Rada, Ukraine’s parliament, has adopted amendments to the Tax Code of Ukraine envisaging a reduction in the number of taxes from 22 to 9.
A total of 250 MPs voted for bill No. 1578 on the introduction of amendments to the Tax Code of Ukraine and some laws of Ukraine (on tax reform), an Ukrinform correspondent reported.
The electronic VAT administration system will operate in a test mode from February 1, 2015. The mechanism may operate in full in the second half of 2015 only with the consent of the Verkhovna Rada.
Income tax will be calculated on the basis of accounting data, by adjusting the financial result before taxation by the differences that will be determined by taxpayers with income of more than UAH 20 million a year, or 5% of the total number of taxpayers. “That is, 95% of taxpayers can determine the tax on the income of companies according to financial reports without defining the differences,” reads the law.
The law introduces one-time “zero” declaration of income, property and financial condition, including those obtained in violation of tax and currency regulations.

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