The Law № 466-IX, which improves tax legislation has entered into force

The Law of Ukraine № 466-IX “On amendments to the Tax Code of Ukraine regarding improvement of tax administration, elimination of technical and logical inconsistencies in tax legislation”, adopted by the Verkhovna Rada of Ukraine as of 16.01.2020, has been published.

The Law has entered into force (except for some amendments that will come into force starting from 01.07.2020 and 01.01.2021).

The Law prescribes the introduction of international tax control standards for all participants in international trade and the implementation of rules envisaged by the Base Erosion and Profit Shifting Plan (BEPS Action Plan).

A number of changes have also been introduced aimed at improving and simplifying the tax administration system, its harmonization with world standards and expanding the possibilities of online services for the taxpayers.

According to the adopted changes, the State Tax Service got the opportunity to reorganize the structure in accordance with the single legal entity concept. 

Read more here.