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You're reading: Summary: parliament passes amendments to Tax Code of Ukraine
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As for profit tax the lawmakers restricted the beneficial taxation
for collective investment institutions (CIIs), canceled taxation at the
reduced tax (10 percent) on profit received from transactions with securities
and derivatives. The exemption of taxation of hospitality business and
energy companies that generate electricity only from renewable energy
sources was also canceled.

As for value added tax (VAT), the lawmakers prolonged the regime of
exempting transactions on exports of grain and industrial crops from
value added tax until Jan. 1, 2015 and retained the beneficial
taxation for agricultural producers. The lawmakers canceled the
exemption from paying VAT on transactions of supply of timber, firewood
and timber waste. The taxation at a zero VAT rate of services on
transportation of passengers by high-speed Intercity+ trains was also
canceled.

The parliament increased the limit for obligatory registration of
enterprises as VAT payers from Nov. 1, 2014 – from Hr 300,000 to Hr 1 million. The electronic VAT administration system is introduced
from Jan. 1, 2015.

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