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TAX CODE OF UKRAINE

TAX CODE OF UKRAINE. SUCCESSFUL BUSINESS - THE WELL-BEING OF THE PEOPLE. TAX CODE OBJECTIVES. Tax burden reduction Innovative development of home economy New jobs creating. Increasing incomes of education and health employees, and retirees starting 2011

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TAX CODE OF UKRAINE

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  1. TAX CODE OF UKRAINE SUCCESSFUL BUSINESS - THE WELL-BEING OF THE PEOPLE

  2. TAX CODE OBJECTIVES Tax burden reduction Innovative development of home economy New jobs creating Increasing incomes of education and health employees, and retirees starting 2011 Staring 1 January 2012 – income increase by 1,5 Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  3. BUSINESS PLAYERS INDIVIDUAL SINGLE TAX SMALL BUSINESS Turnover under Hr300 thou a year Correction for inflation index Turnover underHr 3 mln a year Correction for inflation index VAT non-payers Income tax –0% VAT payers Income tax - 0% for 5 years MEDIUM-SIZED AND BIG BUSINESS VAT payers Income tax - 19% Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  4. INCOME TAX Step-by-step reduction of income tax rate 25% 19% 18% 17% 16% 2010 2011 2012 2013 2014 Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  5. INCOME TAX • Zero income tax rate for: • small business - 5 years • hotel business - 10 years • - light industry - 10 years Stop second-hand goods importation Immunity from income taxation for assets aimed at modernization and innovative technologies Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  6. VALUE ADDED TAX (VAT) • VAT non-taxable subjects: • scrap metal operations • grain crops operations • industrial crops (rape, sunflower) operations • timber operations -legal services - consulting services - auditing services - single tax payers services VAT – 17% from 1 January 2014 Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  7. VALUE ADDED TAX (VAT) • Аutomatic VAT recovery • Starting January 1, 2011 -the state liability for VAT delayed recovery • Fine – 120% NBU rate Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  8. INDIVIDUAL INCOME TAX • 15% for income under 10 minimum wages • 17% for income over 10 minimum wages • 5% on accrued income for over Hr200 thou deposit Cabinet of Ministers of Ukraine – press conference of 3 September 2010

  9. SIMPLIFIED TAXATION SYSTEM • To be introduced: • single tax for individuals with annual income under Hr 300 thou • simplified accounting • TAX ACCOUNTING CANCELLED Simplified taxation NOT USED FOR: • foreign economic activity • production of excisable goods Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  10. LOCAL TAXES • Real estate tax • non-taxable rate per person – 40 m2 • orno less than100 m2 in urban area • and 200 m2 in rural area per family • tax in case of excess • Hr 10/m2a year • Cancelled: • market charges • advertisement taxes • annual taxes on transportation owners Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

  11. ENVIRONMENT TAXES Allocation of environment tax returns: To local budget 50% To state budget – 50% Environment protection Public healthcare Cabinet of Ministers of Ukraine – press-conference of 3 September 2010

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