NEW TAX REFORM: VAT, AUDITS, TAX REPORTING

The tax system in Ukraine is not simple enough. Every year, changes are made to the Tax Code of Ukraine and new normative legal acts regulating the sphere of taxation are adopted. But in recent months, a new tax reform has been on everyone's lips. Financial experts believe the new tax reform is intended to boost economic growth and help businesses reopen after the war. What exactly does it carry in itself and what positive or negative changes are provided for in it, it is necessary to analyze. After all, it is clear that whatever this reform of business is, it is necessary to adapt to it.

VAT

Value added tax is one of the categories that will be affected by this new tax reform. In particular, today the reform provides that during the period of martial law, the VAT rate on fuel is reduced to 7%.

Compensatory VAT should not be charged on goods transferred for the needs of the country's defense, as well as if the goods were destroyed as a result of hostilities.

They are also exempted from charging penalties for reimbursement by the state to VAT payers.

In general, this reform involves a reduction in VAT and personal income tax rates to 10%. But today it is still a bill that has not yet legal force.

Checks

For any business, tax audits are unnecessary stress. But according to the new tax reform, the moratorium on tax audits that existed before has been lifted. The so-called "covid", but at the same time, a moratorium on inspections was put into effect during martial law. And there are some exceptions. This means that now the regulatory authorities can conduct any factual and cameral checks.

The grounds for carrying out actual checks have been increased. In particular, checks on providing consumers with the possibility of cashless payments were included in the actual checks.

Tax reporting

An equally important category in the new tax reform is the procedure for submitting tax reports. To date, tax reporting is filed as before. But the number of reports should decrease. In particular, as of now, it is not necessary to submit a report to the Social Insurance Fund, but only to the PFC. That is, after the new reform, there should be an automatic exchange of data between state funds. This should reduce the number of reports submitted.

So, today there is a lot of discussion around the new tax reform. Everyone has their own opinion about its relevance and implementation. Of course, the goal of this reform is not only to reduce taxation, but also to control income and bring certain areas of business out of the shadows.

But keep in mind that tax laws change. And in order to keep abreast of events, you need to use the help of specialists in the field of tax legislation. And then there will be no problems with taxes, inspections and tax reporting.