The Verkhovna Rada of Ukraine Committee on Finance, Taxation and Customs Policy has proposed that the moratorium on documentary and actual tax inspections of business is canceled, while for taxpayers with an annual income of up to Hr 20 million it is proposed to extend the moratorium until July 1, 2021.
Bill No. 4101-d revised by the committee with amendments to the Tax Code from the “budget package”, the text of which was published on the parliamentary website on Friday, contains the proposals.
The bill proposes to imply transport tax on vehicles, the average market value of which exceeds 200 minimum wages (currently 375 minimum wages).
The revised bill also contains a proposal to reduce the temporary VAT rate on a number of imported equipment and components to 14% (from 2021 to 2023).
At the same time, the committee retained the indexation of rates of excise tax on alcohol, environmental tax and royalty, taking into account inflation, as initiated by the Ministry of Finance.
As indicated in the explanatory note, the bill also proposes to increase the environmental tax on carbon dioxide emissions by Hr 5 per tonne from 2021 annually and from Hr 10 per tonne to Hr 30 per tonne in 2024. Also, the bill proposes to double the rate of the environmental tax for the skidding of pollutants into the water by 2029.
At the same time, the committee proposes to reduce the rate of excise tax on waste tobacco raw materials with increased control over the use of equipment and raw materials for the industrial production of tobacco products.
In addition, the parliamentarians propose to expand the powers of the regulatory authorities regarding information on bank accounts of taxpayers. The bill also proposes to oblige asset management companies to file income tax returns for each joint investment institution, the assets of which they manage, in particular, those that do not have the status of a legal entity.
