Innovations in taxation 2024

In 2024, the following innovations in taxation took place in Ukraine:

• VAT rates have changed. From January 1, 2024, the basic VAT rate is 20%.
• A new procedure for the issuance, circulation and repayment of tax bills has been implemented. Tax bills are a new type of financial instrument that can be used to pay taxes and fees.
• The possibility of using electronic documents for submitting tax declarations and reports is open. Individuals and legal entities will be able to submit tax declarations and reports electronically through the taxpayer's electronic office.

Changes in VAT taxation

From January 1, 2024, the basic VAT rate is 20%. This means that all goods and services that are not subject to special rates are taxed at a rate of 20%.

Introduction of tax billsTax bills are a new type of financial instrument that can be used to pay taxes and fees. Tax bills can be issued by taxpayers, tax agents or other persons entitled to pay taxes and fees.

Tax bills can be used to pay the following taxes and fees:

• Corporate income tax.
• Value added tax.
• Excise tax.
• Single tax.
• Real estate tax.

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Electronic submission of tax declarations and reports

Individuals and legal entities will be able to submit tax declarations and reports electronically through the taxpayer's electronic account. To do this, taxpayers will need to register in the taxpayer's electronic account and obtain an electronic signature.

Electronic submission of tax returns and reports has a number of advantages, including:

• Convenience. Taxpayers can submit tax returns and reports at any time and from any place with Internet access.
• Speed. Tax returns and reports filed electronically are processed in a shorter time than tax returns and reports filed in paper form.
• Saving money. Taxpayers will not have to spend money on postage.

Innovations in taxation in 2024 are aimed at increasing the efficiency of the tax system and simplifying the tax payment procedure.

The help of an accountant can be useful for taxpayers who want to:

• Keep accounting records and pay taxes correctly.
• Get tax advice.
• Conduct accounting reporting audit.

If you need the help of an accountant, you can contact a private accountant or an accounting firm. When choosing an accountant, it is important to consider such factors as:

• Work experience.
• Specialization.
• Reputation.

News in taxation in 2024 can have a significant impact on taxpayers. Therefore, it is important to understand how they work and what changes they make. The help of an accountant can be useful for taxpayers who want to keep proper accounting records and pay taxes, receive tax advice or conduct an audit of accounting statements.