The National Bank of Ukraine Published the Resolution № 515, which Introduced Mandatory Sale of 100% of Foreign Currency Earnings

The National Bank tightened currency regulation control: now instead of selling 50% of foreign exchange earnings, companies has to exchange in UAH foreign currency in full (that is 100% of foreign earning). This provision applies to those entities that receive from overseas revenues in foreign currency, legal entities, individual entrepreneurs and foreign representatives offices. The restriction does not apply to official representative offices and authorized banks.

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The National Bank of Ukraine extended the currency restrictions

On November 14, 2013 the Board of the National Bank of Ukraine adopted two Resolutions to be valid during 6 months until May 17, 2014 - the documents renewal rules of currency restrictions which were introduced in autumn 2012 and later renewed in spring 2013.
In particular, the Resolution No.453 extended the rule on terms of payments on import-export operations payments shall be done in the period up to 90 calendar days.

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Starting 01 January 2014 the electronic audit will be available to taxpayers on simplified system of taxation

The Ministry of Revenue and Duties offers to the taxpayers on the simplified system of taxation the electronic audits. This type of audits is stipulated by paragraphs 75.1.2 of Article 75 of the Tax Code of Ukraine dated 02 December 2010 № 2755-VI.
Ukraine, 03150, Kyiv, Predslavynska Street, 28, Office 309, Tel. +38 (044) 361 36 77; +38 (044) 361 36 88
According to paragraph 16 of subchapter 10 "Other Transitional Provisions" of Charter XX "Transitional Provisions" of the Tax Code of Ukraine, electronic audits are carried out in respect of the taxpayer worked under the simplified system of taxation, accounting and reporting – starting from 01 January 2014; companies of micro, small and medium-sized businesses – starting from 01 January 2015; other taxpayers – starting from 01 January 2016.

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Cash machines: what to expect in 2014?

Ministry of Revenue and Duties and the Ministry of Finance of Ukraine has declared the need to transfer most of payments wireless. It is worth to mention that starting September 2013 the National Bank of Ukraine had limited the maximum of amount for cash transactions (UAH 150000.00). Starting from October refusal of taking the customer’s card as payment there is an administrative liability stipulated – may entail fine of 100 to 200 tax-free minimum (UAH 1700-3400).
Starting from 1 January 2014 the penalties will also apply in case of failure to report to tax inspection information in electronic format on cash machines (Order of the Ministry of Revenue and Duties № 522 "On Approval of the State Register of payment transactions" dated 1 October 2013).

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Changes to tax legislation to be effective starting 01 January 2014

On 01 January 2014 the Law of Ukraine "On Amendments to the Tax Code of Ukraine On Reporting and Registration of taxpayers and Improvement of Certain Provisions" as of 24.10.2013 № 657 – VII (hereafter – the “Law”) will be affective.
The above Law introduces the following changes:
• The new-established entity may be able to registered voluntary as the VAT payer or unified tax payer immediately after its registration automatically without visiting Ministry of Revenue and Duties (registration shall be done within 2 business days, and for VAT payers - or from the chosen date or within 5 days after receipt of the application).

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