Tax and non-tax benefits in Ukraine during QUARANTINE. Law № 3220. What is worth knowing?

Tax and non-tax benefits in Ukraine during QUARANTINE. Law № 3220. What is worth knowing?

Author

Yasinskiy Yevhen

At an extraordinary sitting on Tuesday, March 17, the Verkhovna Rada abolished fines for violating tax laws from March to May 2020 during quarantine. 359 people's deputies voted for the adoption of the relevant bill №3220.
The draft law is designed to introduce tax and non-tax benefits related to the term of payment of taxes, accrual of wages for days of forced downtime, deadlines for filing tax returns, deadlines for inspections, penalties and fines, etc.
The document aims to protect both small and large businesses from the negative consequences of not using the economic potential.
The bill proposes the following amendments to the Tax Code:
• penalties for violations of tax legislation committed in the period from March 1 to April 30, 2020 are not applied;
• a moratorium was established on conducting documentary and factual inspections from March 18 to May 18, 2020;
• the deadline for submitting the annual declaration of property and income has been extended until July 1, 2020;
• no land fee is accrued or paid in the period from March 1 to April 30, 2020;
• non-residential real estate owned by individuals or legal entities is not subject to real estate tax, which is different from land, from March 1 to April 30, 2020.