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Business requires timely implementation of changes in tax legislation

24/ 12/ 2020
  On December 17, the Verkhovna Rada adopted the Law №4065 “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Collection of Data and Information Necessary for Declaring Certain Objects of Taxation”. The law contains some provisions that business welcomes and looks forward to for a long time. Particularly, it is an issue of postponing the beginning of application of separate provisions of the tax legislation. However, the business was surprised about the appearance of the draft Resolution on the cancellation of the VRU’s decision on the adoption of the draft Law №4065. The appearance of such a draft resolution is the result of the slowdown of the entry into force of the draft law №4065. Companies are extremely concerned about the risk of untimely entry into force of important law and the possible legislative chaos that such untimeliness will lead to. Businesses need to have confidence in the applicable tax rules and expect the relevant authorities to provide such confidence. We call on parliamentarians to act responsibly and to take immediate action to unblock the entry into force of the draft law №4065. We expect that draft law №4065 will become an effective normative act by the end of 2020. The European Business Association emphasizes that the stability and predictability of tax legislation and the predictability of public authorities are crucial for investors in assessing the quality of the business environment. The inability of public authorities to ensure such stability and predictability causes just indignation among investors and harms the countrys investment climate.

On December 17, the Verkhovna Rada adopted the Law №4065 “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Collection of Data and Information Necessary for Declaring Certain Objects of Taxation”.

The law contains some provisions that business welcomes and looks forward to for a long time. Particularly, it is an issue of postponing the beginning of application of separate provisions of the tax legislation.

However, the business was surprised about the appearance of the draft Resolution on the cancellation of the VRU’s decision on the adoption of the draft Law №4065. The appearance of such a draft resolution is the result of the slowdown of the entry into force of the draft law №4065.

Companies are extremely concerned about the risk of untimely entry into force of important law and the possible legislative chaos that such untimeliness will lead to.

Businesses need to have confidence in the applicable tax rules and expect the relevant authorities to provide such confidence.

We call on parliamentarians to act responsibly and to take immediate action to unblock the entry into force of the draft law №4065.

We expect that draft law №4065 will become an effective normative act by the end of 2020.

The European Business Association emphasizes that the stability and predictability of tax legislation and the predictability of public authorities are crucial for investors in assessing the quality of the business environment.

The inability of public authorities to ensure such stability and predictability causes just indignation among investors and harms the country’s investment climate.

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