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The Cabinet of Ministers has registered a draft law to abolish certain tax benefits for business starting from July 1

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The Cabinet of Ministers has registered a draft law to abolish certain tax benefits for business starting from July 1

What happened? The Cabinet of Ministers of Ukraine has registered in the Verkhovna Rada the draft law No. 8401 "On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Peculiarities of Taxation during the Period of Martial Law". Source. Taras Melnychuk, the representative of the Cabinet of Ministers in the Verkhovna Rada. Details. The text of the draft law has not yet been published on the parliament's website. According to Mr. Melnychuk, the document refers to the abolition of: - the possibility for group III to pay a single income tax of 2% (instead of the pre-war 5%), and for Groups I and II not to pay the single tax; - suspension of documentary inspections. In addition, the government intends to reintroduce penalties for violations of: tax legislation; the correctness of the charge, calculation and payment of the single fee for compulsory state social insurance; the procedure for using payment transaction registrars / software payment transaction registrars. The abolition of tax exemptions for entrepreneurs is one of Ukraine's commitments to the IMF under the Memorandum of Economic and Financial Policies dated December 8, 2022. The document covers the restoration of the pre-war state of tax policy.
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