The Ukrainian parliament could approve a draft law on amendments to the Tax Code passed at first reading in the middle of April by the end of the current session, and the amendments could take effect from H2, 2011, according to the head of the parliamentary committee for financial, banking activities, tax and customs policies, Vitaliy Khomutynnik.
"Draft law [No. 8217 on amendments to the Tax Code and some other Ukrainian laws] could appear in the middle of next month… If the draft law were to be signed by the president after its adoption [by the parliament], the law would be in effect from H2, 2011," he said at a meeting of the Ukrainian League of Industrialists and Entrepreneurs (ULIE) on Thursday.
He said that the draft law foresees a switch to annual reports on tax on profit from quarterly reports, and the requirement has the preliminarily agreement of the State Tax Administration of Ukraine and the Finance Ministry.
Khomutynnik said that the document would be approved and well drawn up.
As reported, draft law No. 8217 foresees writing off of tax fines, levies or official reprimands imposed from January 1, 2011 and not paid to the national budget, in particular, for the late submission of declarations on tax on individuals’ income.
It is proposed to improve the system of taxation of transactions with securities during their initial offering and re-purchase, and incomes of individuals obtained from the purchase of securities and their conversion.
The transitive clauses of the Tax Code could be extended with a requirement that says that the incomes of taxpayers accrued before January 1, 2011 are taxed using rates and requirements that were in effect before January 1, 2011, irrespective of the date of their actual payment.
The document proposes to establish that the procedure for the issue of tax security is defined by the central body of the state tax service and is agreed with the National Bank of Ukraine (NBU).
It is proposed to amend Article 46 of the Tax Code on the tax declaration. The form of the tax declaration is approved not only by the central body of the state tax service and is agreed with the Finance Ministry of Ukraine, but also with the parliamentary committee responsible for the tax policy.
Along with amendments to the Tax Code, the draft proposes to amend the Budget Code, Code on Administrative Infractions and the law on the involvement of clearing transaction registrars in the trade, catering and services spheres.
