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Procedural Codes will Undergo Another Changes

Published: 21/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxes #Ukraine

The Verkhovna Rada of Ukraine has registered changes in the Code of Civil Procedure, the Code of Economic Procedure and the Code of Administrative Court Procedure provided for by three relevant draft laws. We remind that on December 15, the Law which had already been amended by these codes came into effect. However, as it was noted in the explanatory notes to the latest drafts, it was adopted in violation of the regulation. In addition, the Law contains a number of contradictory norms, on the correction of which the proposed changes are aimed. In general, it is proposed to rewrite the editions of the CCP, CEP and CACP, which have just come into effect. During the consideration of the procedural codes in the parliament, none of the amendments proposed by the deputies was adopted, although several thousand amendments were submitted at the stage of their preparation. Instead, before voting for the Law as a whole, only amendments were brought to a vote approved by the profile...

Sales Threshold without Cash Registers Has Been Raised to 250-500 thousand UAH per Year

Published: 20/12/2017 | news

Tags:

#Tax disputes #Tax planning #Taxes #Ukraine

The Cabineta of Ministers of Ukraine has increased the threshold of the annual sales volume without using the RCT (registrar of clearing transactions) from 75-200 thousand UAH up to 250-500 thousand UAH per one structural subdivision of the subject, depending on its organizational form and activity. Such changes are provided for by the Resolution of the CMU, as reported by the information agency “Interfax-Ukraine”. As noted, it will enable business entities that have several separate objects of trade (provision of services) not to use the RCT in the event that none of them exceeds the threshold of clearing transactions. According to the explanatory note, which the IA possesses, the Resolution also provides that the enterprises which annual income exceeds UAH 1 million are required to use cash registers, regardless of the type of their activity. The document does not apply to economic entities that carry out retail trade of excisable goods, as well as technically complex household goods. The Resolution defines a list of activities that are exempted from compulsory use of the RCT, in particular the provision of public services on the territory of villages. According to the...

On December 15, Amendments to the Procedure for Issuing Individual Licenses of the NBU for Transfer of Foreign Currency Abroad Came into Effect

Published: 15/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxation #Ukraine

According to the report of press service of the National Bank of Ukraine, today, on December 15, the amendments to the procedure for issuing individual licenses for the transfer of foreign currency abroad came into effect. The innovations provided by the Resolution of the Board of the NBU No.130 of December 14, 2017 “On Amendments to the Regulations on the Procedure for issuing individual licenses for the transfer of foreign currency outside Ukraine for the payment of bank metals for certain currency transactions” include: Approval of the list of documents required to obtain an individual license of the NBU. In addition, in order to prevent capital outflows abroad, the requirements for the documents submitted to the National Bank were strengthened, in particular, through the Regulator’s right to request such documents in case of need. Simplification of a number of currency transactions for banks. The National Bank has specified the list of operations for transferring foreign currency by business entities-residents abroad, which do not require the receipt of an individual license by the NBU. Standardization of the possibility of transferring funds as a...

Automatic Blocking System of TI Will Be Temporarily Suspended

Published: 13/12/2017 | news

Tags:

#Tax disputes #Tax exemptions #Taxation #Taxes #Ukraine

The changes provided by the amendments to the draft Law “On Amendments to the Tax Code of Ukraine regarding the Balance of Budget Revenues in 2018” has been made in the procedure of the blocking system of tax invoices. According to the announcement made on December 7, 2017, the following has been done: 1. Clause 74.2 of the TCU has been deleted, which stipulates that the URTI ensures constant automated monitoring of the compliance of TI/AC with the criteria for assessing the degree of risk sufficient to suspend the registration. This provision will come into force on the day following the day of the publication of the Law. It is also noted that, within two months from the date of entry into force of the Law, the Cabinet of Ministers must: determine the procedure for suspension of the registration of TI/AC in the URTI in accordance with clause 201.16 of the TCU; ensure the revision and bringing of the normative legal acts in compliance with this Law by the ministries and other central executive bodies. In addition, the Cabinet is obliged, within a period of three months from the date of entry into force of this Law: to adopt the normative legal acts which are...

Is it possible to form tax credit through transactions with fictitious counterparties?

Published: 01/09/2017 | news

Tags:

#Ukraine

The leading tax lawyer of the Finance Business Service, Rolan Bondarets, gave an interview to the First Business TV Channel on the topic "Fictitious counterparty and tax credit". The conversation was devoted to a topical, but at the same time, debatable and ambiguous matter: if the enterprise has the right to form a tax credit through economic transactions conducted with the counterparties that are subsequently admitted fictitious. The examples from real court practice were considered: Rolan Bondarets cited the conclusions of the highest courts of Ukraine, compared the current positions of the Supreme Court of Ukraine and the ECHR, and also expressed his personal opinion on this issue. At the end of the interview, the expert told the entrepreneurs about the practical recommendations how to independently check domestic and international counterparties for the signs of...

Spain increases the burden of the corporate tax

Published: 06/12/2016 | news

Tags:

#Spain #Taxation #VAT

The government of Spain declared growth of a budget income on December 2, that will increase tax revenues from corporations. In spite of the fact that recently created government decided to leave the 25 percent corporate tax rate untouched, Spain will limit the corporate tax deductions. They will contribute the most part of 7 billion euros in the new income at which the government is aimed. The Budget imposes new limits on loss carry backs and restrictions for use of the pecuniary losses connected with shareholdings in the companies located in "tax harbors or in the territories with not appropriate level of a tax" in number with other changes. New measures of the corporate tax, as expected, raise the additional amount of 4.65 billion euros in revenue for the government. Besides, real estate value will be updated for property tax to increase revenues. Also, the government intends to lift a number of "guilty" taxes, including on alcohol, tobacco, and sweet drinks. Other changes are directed on modernization VAT and the fight against fraud VAT. It includes a new reporting system of the VAT in real time which announced in 2014. Taxpayers will be obliged to report about...

UK: Inheritance Tax get record rate

Published: 19/08/2016 | news

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#England

The Inheritance Tax in UK get the highest rate GBP4,7bn (USD6.1bn) in 2015-16 years, according to Wilson words, client of private law firm. This tax raised on 17 percent from 2014-15 and on 91 from 2009-10, when the tax was rise the last time. From 2017 year, the government will gradually goes into force a new rate in GBP175,000. A new allowance will approved in rate at GBP100,000 in 2017-18, GBP125,000 in 2018-19, GBP150,000 in 2019-20, and GBP175,000 in 2020-21. This rate will rise according to the Consumer Price Index. It will be available as attachments to existing rate GBP325,000 of Inheritance Tax and will be lasting to 2020-21 years. Both allowance can be transfer to a spouse or partner. Wilson said that for rate in 325,000 to be agreeable to inflation from 2009, it might be increase to GBP391,000. At the present time this tax is 0,87 percent from all taxes incomes in United Kingdom, comparably with 0,57 percent in 2009-10 years. Tim Fullerlove, the partner of Wilson, commented: "This inheritance tax gradual will transfer into general tax for "middle England" and as long it last as harder will be to will be for the Treasury to let that income go. With...

Ukraine launches a new system of customs administration

Published: 15/08/2016 | news

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#Ukraine

After the introduction on August 1 of the new customs administration system in Ukraine the authorities are checking to ensure the functioning of the system and consider next steps. August 1, 2016 a new project was launched under the name of "single window", which allows customs posts and regulatory authorities will automatically exchange data on cargo crossing the border of Ukraine. Planned modernization of management processes (customs, veterinary, sanitary, phytosanitary, radiological and environmental), which later will be carried out with an automatic electronic data exchange. In a statement released after the introduction of the system, the finance minister said: "The Ministry of Finance initiative aims to primarily expand the automated process of «single window», which will greatly simplify and speed up customs procedures It should facilitate a life to businesses and eliminate opportunities for corruption related to customs clearance. During the week the Ministry of Finance will check the work of a new project at the customs control authorities and points of registration in Ukraine". Looking ahead, the Ministry of Finance will seek to implement the already...

The EU given time to fix of the budget deficit

Published: 12/08/2016 | news

Tags:

#EU #Spain

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July...

London companies are concerned about overpriced business tariffs

Published: 03/08/2016 | news

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#England

According to the new survey of the London Chamber of Commerce and Industry (LCCI), 44 percent of London businesses are concerned about the forthcoming reassessment of business rates in the UK (the property tax). Business rates are generally remeasured every five years when the government adjusts the value of the business rates to reflect changes in the real estate market. The new rates will be determined and announced on October 2016 and come into force from April 2017. In addition, according to the changes announced in the 2016 fiscal year, the administration of the business rates will be simplified, as from 2020 a mechanism for increasing the power will be switched from the index of retail prices in the consumer price index. Greater London Authority will move towards the full retention of business rates since April 2017. LCCI stated that among the companies that have in its structure 10 or more people, 55 percent of respondents were concerned about the forthcoming adjustments. Half of the respondents said they do not know whether they will be able to benefit from the additional business rates. Furthermore, 42 percent of respondents said they believe that the...

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