The law provides for the introduction of international tax control standards.
Ukraine’s President Vladimir Zelensky signed the law “On the amendment of the Tax Code of Ukraine”, regarding the reform of the tax law, the elimination of technical and logical inconsistencies in the tax law.
According to the new law, many changes are envisaged to improve and simplify the system of tax administration, which makes it applicable to world standards. The innovations suggest the following changes:
- Implementing the provisions of the plan to counter the practice of dilution of taxable base and withdrawal of benefits from taxation (BEPS Action Plan)
- Introduction of international tax control standards for all participants in international trade;
- Providing necessary conditions for the reform of the state tax service, which open up the possibility of changing its structure according to the concept of a single legal entity;
- Improve the system of tax administration and expand the capabilities of online services for payers.
The President’s Office said in a statement, “From now on, a taxpayer who electronically authenticates the report in an electronic office or online electronically will be able to submit a statement of willingness to receive documents from the tax authorities . “
The legislation was adopted as Ukraine’s participation (since 2017) in an international program for expanded cooperation on the implementation of the BEPS Action Plan, which is currently being supported by more than 116 countries in the world.
The reference PAYSPACE magazine
Recall that the Openendotab platform gave FOPs the opportunity to pay taxes and submit reports through the Openendotbot system. It is noted that entrepreneurs’ funds will be automatically credited to the correct and valid account, and FOPs will not risk losing their tax status or receiving fines.
According to OpenBoat, the state Treasury service has more than 437,179 tax accounts, which change every year.
Read: Trade, Tax and Exodus: How Quarantine Changed Ukraine’s Economy.