The Cabinet of Ministers of Ukraine has developed the amendments to the Tax Code

The tax reform of the Ministry of Finance has been registered in the Verkhovna Rada. The Ministry wants to take over the maintenance of registers; inspections will be carried out by the regional tax authorities instead of the district. In addition, the tax police will be replaced with the financial police.

The Cabinet of Ministers has registered in the parliament a Draft Law “On Amendments to the Tax Code of Ukraine (on improvement of the investment climate in Ukraine)” (No.5368).

According to the document, the administration of all databases is delegated from the State Fiscal Service to the Ministry of Finance, an electronic office of a taxpayer is implemented, a notion of “authorized person of supervisory body” is introduced. It is assumed that monitoring & checkout work will be carried out at the regional level while district tax inspections perform only service functions.

The Draft Law introduced a Unified Public Register of declarations on the budgetary compensation of value added tax. It also stipulates a Public Temporary Register of applications for the refund of budgetary compensation submitted before February 1, 2016 and for which VAT is not returned as of January 1, 2017. The cancellation of the tax credit is excluded in case tax invoice/payment adjustments to it is registered after July 1, 2017.

Moreover, the document envisages the liquidation of the tax police and the creation of a new body – the financial police, whose activity will be regulated by a separate law.
Source of information: “Law and Business”

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