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You're reading: Parliament adopts draft Tax Code’s section on value-added tax
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With the adoption of the fifth section, the lawmakers passed 211 articles out of 340 articles of the 19-section Tax Code.

The amended document retains as a norm the need for entrepreneurs to register as VAT payers if their annual turnover exceeds UAH 300,000, and foresees a VAT reduction from the current 20% to 17% as of 2014.

The draft Tax Code holds that VAT refunds will be paid automatically if a taxpayer meets a number of requirements and has been inspected. In particular, VAT will be automatically refunded to a company that is not bankrupt, has no tax payment debts, and has at least 20 employees who are paid at least 2.5 times the minimum wage per capita.

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