08 December 2016, Thursday, 16:43 91

Rada Intends To Establish Finance Police, Unified Register Of VAT

The Verkhovna Rada of Ukraine intends to establish the Financial Police, transfer databases from the State Fiscal Service to the Finance Ministry, and establish united public register of applications for reimbursement of the value added tax.

With 226 votes required, 241 MPs voted for draft law No. 5368 on amendments to the Tax Code of Ukraine, Ukrainian News Agency reports.

The amendments to the Tax Code of Ukraine envisage transfer from the State Fiscal Service to the Finance Ministry the functions of administration of all databases and introduction of full fledged electronic cabinet of taxpayers.

The draft law also envisages establishment of the Financial Police instead of the Tax Police.

In the part of the transfer pricing the draft law envisages introduction of mechanism of calculation of stock price on the base of forward contracts.

The draft law envisages introduction of tax holidays until 31 December 2021 (zero tax on profit) for enterprises founded after January 1, 2017.

In the part concerning the value added tax the draft law envisages introduction of a united public register of applications for reimbursement of the value added tax (instead of two registers).

As Ukrainian News Agency earlier reported, the Cabinet of Ministers late in October adopted a package of amendments to the Tax Code of Ukraine.

The American Chamber of Commerce (ACC) has called on the Verkhovna Rada to adopt a package of amendments to the Tax Code of Ukraine.