At the Afternoon Plenary Meeting, The Verkhovna Rada of Ukraine continued to work upon the Draft Tax Code of Ukraine

16 November 2010, 22:21

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The People´s Deputies adopted the chapters "Administration of Taxes and Charges (Compulsory Payments)", "Corporate Income Tax", "Income Tax" and "Value-Added Tax."

Pursuant to the draft Code (Reg. No7101-1), Chapter II " Administration of Taxes and Charges (Compulsory Payments)" sets the order of administration of taxes and charges fixed by Chapter I "General Provisions" of this Code, and the order of supervision over the observance of tax and other legislative requirements, provided the supervisory bodies have the respective authority.

The Chapter contains the paragraphs on tax reporting; tax legislation interpretation; calculation of the tax or/and monetary obligations rate, order of their payment and appeal against the resolutions of supervisory bodies; tax supervision; tax payers register; redemption of the tax debt; implementation of international agreements, and redemption of a debt on the appeals of the authorized bodies of foreign countries; liability; fine. 729 amendments were introduced to the chapter.

 The People´s Deputies have also scrutinized the chapters "Corporate Income Tax" with 752 amendments to it, "Income Tax" (529 amendments) and "Value-Added Tax" (524 amendments).

 The sitting was adjourned at 22.15

 The scrutiny of the draft Tax Code would be continued on Thursday, starting from Chapter VI "Excise Tax."