Changes to legislation, court practice news and much more
On 12 August, the Draft Law on Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Setting the Term of the Moratorium on Tax Audits was adopted.
The main purpose of this alternative draft law is to keep the moratorium on tax audits in force and extend it until 31 December of the year in which martial law is terminated or lifted.
Accordingly, the adoption and implementation of the draft law will provide decent conditions for continued business activity, the effective development of companies during the military aggression and the recovery of the economy after the war.
The draft law was proposed by members of parliament who believe that lifting the moratorium on tax audits would mark the beginning of a decline of entrepreneurship in Ukraine.
On 11 August, the Draft Law of Ukraine on Amendments to Article 23 of the Law of Ukraine «On Civic Associations» regarding certain issues of ensuring public access to information on the financial statements of civic associations was adopted.
The purpose of this draft law is to introduce a transparent mechanism for reporting the income and expenses of members of the highest and other governing bodies of civic associations with the status of a legal entity, as well as of the legal entities (companies, enterprises) they have established, and to make their activities more transparent.
The draft law therefore proposes amending Article 23 of the Law of Ukraine «On Civic Associations» to oblige the heads and members of the highest and other governing bodies of civic associations with the status of a legal entity, as well as of the legal entities (companies, enterprises) they have established, to submit information on their income and property annually by 1 April of the reporting year for publication on the official web portal of the central executive authority implementing state tax policy, in the form and in the manner approved by the Cabinet of Ministers of Ukraine.
If the draft law is adopted, civic organisations that do not wish to disclose this information (on income and property) may switch to the general taxation system and obtain the status of a for-profit enterprise.
