The law provides:
-introduction of transparent and detailed mechanisms for the implementation of provisions on restrictions introduced to prevent tax evasion;
-determination of clear and understandable rules of taxation of controlled foreign companies, as well as providing taxpayers with sufficient time to ensure the collection of data and information required to declare the relevant objects of taxation (subject to restrictive measures related to the spread of COVID-19).
The law amends the Tax Code and some laws of Ukraine, aimed at clarifying:
-some provisions of transfer pricing;
-reasons for termination of administrative arrest;
-provisions for adjusting the pre-tax financial result for transactions that have no business purpose;
-features of excise tax collection;
-features of taxation of profits of a controlled foreign company during the transition period;
- provisions on the use of registrars of settlement operations.