The Committee on Taxation and Customs Policy recommends that the Parliament adopt as a basis the draft law on amendments to the Tax Code of Ukraine re specification peculiarities of tax liabilities of corporate income tax and VAT in case of applying tax compromise

Information Department of the Verkhovna Rada of Ukraine Secretariat
28 May 2014, 17:50

 

The bill (Reg. No. 4930) is aimed at improving the tax system, establishing a dialogue between the state and tax payers on ensuring revenues of taxes, levies and payments to the budget, etc.    

Particularly the bill suggests exempt tax payers from financial, criminal and administrative liability in case of voluntary payment of 15% of understated tax liability of the corporate income tax and/or VAT (for tax periods until January 1, 2014).  

According to the bill, the procedure of reaching a tax compromise should last for 60 days since the day of the law coming into force.

In words of the Committee’s Chair Vitalii Khomutynnik, the bill requires refinement in the part of complying its norms with the legislative acts of Ukraine.