Draft Law of Ukraine

“On Amendment of Some Laws of Ukraine on Taxation”

This draft provides for amendment of the Decree of the Cabinet of Ministers of Ukraine “On Personal Income Tax” and Laws “On State Register of Natural Persons/Payers of Taxes and Other Mandatory Payments” and “On State Tax Service”.

It is proposed to establish a quarterly term (instead of a monthly term that is in force now) for submission to tax bodies of information by those subjects of entrepreneurial activity, who calculate, deduct and transfer income tax to the budget.

Amendments made to the Law “On State Tax Service” determine responsibility of a taxpayer for distorted information stated in reports.

Adoption of this draft will facilitate simplification of accounting reporting procedure.