- The Ministry of Finance of Ukraine has proposed a draft law to improve VAT administration for single tax payers and invites feedback from entrepreneurs.
- The law would take effect from January 1, 2027, allowing time for preparation and transition.
- Key changes include mandatory VAT registration for 3rd group single tax payers exceeding 1 million UAH turnover, with a reduced tax rate from 5% to 3%; e-residents are exempt.
- The process will be digitalized, with online registration and reporting, and measures to simplify reporting and reduce abuse.
- The reform aims to ensure fairness, combat business splitting and smuggling, and generate an additional 40 billion UAH annually for defense funding.
Source: news.dtkt.ua
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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