Innovations in the Tax Code of Ukraine

The new tax reality of 2020

First of all, the norms of the Law attract attention, which have already entered into force, and the observance of which can already make life easier for taxpayers and cause trouble, in case of violation of legal requirements.

Among the main current innovations:

• New possibilities of functioning of an electronic office;
• Improved approach to calculating the term of tax payment: if the deadline falls on a weekend or holiday, the taxpayer has the legal right to pay the tax liability on the next business day following the weekend;
• Changes in the tax audit: restrictions on making changes to the schedule of documentary scheduled inspections, the possibility of stopping the audit of all categories of taxpayers, etc .;
• Changes in taxpayer accounting;
• Changes in debt collection;
• New rules for limitation periods;
• New opportunities to appeal some decisions of regulatory authorities;
• Innovations in the payment of corporate income tax, value added tax, personal income tax, real estate tax.

Taxpayers need to carefully review the new rules for accounting for taxpayers, the timing, order and procedure for payment of tax liabilities, the size of tax rates and penalties.

There is no doubt that the legislator sought to bring the Ukrainian tax system and tax relations in line with generally accepted international standards. We will see in time how successfully and efficiently the updated Tax Code will work. But even today, taxpayers and state fiscal authorities need to take care of compliance with the law, as well as showing respect for each of the subjects of tax relations.