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Economy 2020-05-25T17:03:33+03:00
Ukrainian news
Zelenskyy Approves Payment Of Taxes In Ukraine By Startups Registered Abroad With Turnover Of Over EUR 2 Milli

Zelenskyy Approves Payment Of Taxes In Ukraine By Startups Registered Abroad With Turnover Of Over EUR 2 Million

President, tax, Volodymyr Zelenskyy, startups, Ukrainian startups

President Volodymyr Zelenskyy signed a law providing for the payment of taxes in Ukraine by Ukrainian startups registered abroad with a turnover of more than EUR 2 million.

This is evidenced by the data on the page of the bill No.1210 signed by the President, Ukrainian News Agency reports.

According to the document, the concept of a controlled foreign company is introduced.

Now, most Ukrainian startups that are registered in the EU, the United Kingdom, the USA or other countries must declare taxes and submit financial statements to the State Tax Service, even if the jurisdiction of the company itself does not require such a report.

Also, such startups will be required to pay taxes in Ukraine on profits if the startup’s turnover exceeds EUR 2 million.

For untimely submission of a company report to the Tax Service, it will be necessary to pay a fine of UAH 4 million, for failure to inform about registration of a company – UAH 2 million.

Fines are imposed on an individual, not on a company.

The tax base is the income of the company, but the tax agent is an individual, a resident of Ukraine.

Business representatives, commenting on this law, note that it requires clarification of the moment - whether selling the issued shares will be considered income - attracting investment.

Tax rate: personal income tax (5%, 9% or 18%) and military fee (1.5%).

As Ukrainian News Agency earlier reported, on January 16, the Verkhovna Rada tightened control over the payment of taxes.

256 MPs voted for the adoption of the corresponding bill No.1209-1 and No.1210 in the second reading.

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