Ukraine VAT cut and compliance reform
- 07 December 2010 | Richard Asquith
In November 2010, the Ukrainian Finance Minister issued an announcement of future planned cuts to the Ukrainian VAT rate and other compliance changes. This came as part of a range of VAT compliance changes in the new Ukrainian Tax Code. Below is a summary
- The VAT rate will be reduced from 20% to 17% with effect from 1 January 2014;
- The threshold for VAT registration will now be UAH 300,000 - approx. EUR 30 000;
- Automatic 23-day VAT refunds for resident Ukrainian enterprises;
- For the refund of tax credits in Ukraine, VAT invoices must be included in a return within 12 months of their issuance date; and
- Accounting, legal and audit services will no longer be liable to VAT.