14:06 17.12.2020

Rada delays introduction of taxation of companies with foreign capital

2 min read
Rada delays introduction of taxation of companies with foreign capital

The Verkhovna Rada has adopted at the final stage amendments to the headline-grabbing law No. 466-IX (ex-bill No. 1210), which, in particular, restricts the application of the principle of the business objective only to offshore jurisdictions and transfers the taxation of companies with foreign capital from 2021 to 2023.

An Interfax-Ukraine correspondent has reported that 296 MPs backed bill No. 4065 with amendments to the Tax Code and other laws to ensure the collection of data and information necessary for declaring certain objects of taxation.

The law, in particular, establishes that the first reporting year for companies with foreign capital is 2022, and controlling persons have the right to submit a report of the company with foreign capital for 2022 simultaneously with the filing of an annual income and property declaration for 2023 with the inclusion of the company's adjusted profit indicated in this report in the declaration for 2023. Fines and penalties are not applied.

During the discussion of bill No. 4065, MPs from the European Solidarity parliamentary faction said that the bill for the second reading excluded the payment of a 1.5% military tax on income as a result of the liquidation of companies with foreign capital, including offshore ones. However, after the break, the parliament supported this amendment. Thus, thanks to the support of Amendment 65 which author is Mykola Kniazhytsky (the European Solidarity faction), the Rada gave 300 votes in favor of taxing the liquidation of foreign companies with a military levy.

At the same time, the MPs did not support the amendment to soften the sharp increase in excise taxes on electronic heated tobacco units to 200% in 2021 with a subsequent increase in the rate by 30% per year, while law No. 466-IX provided for their increase by 300% starting from 2021.

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