Tax Incentives and Simplified Administrative Procedures Have Been Extended until the End of the Quarantine

On May 13, at an extraordinary meeting of the Verkhovna Rada, the Law “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine Regarding Additional Support to Taxpayers for the Period of Implementation of Measures Aimed at Preventing the Emergence and Spread of Coronavirus Disease (COVID-19)” was adopted.

1) Entrepreneurs (individual entrepreneurs and persons carrying out independent professional activities) are exempted from the payment of a single social security tax until May 31, 2020.

2) The period of non-application of penalties for violation of tax legislation has been extended from March 1 to the last calendar day of the month in which the government will announce the end of the quarantine.

3) The deadline for non-accrual of penalties has been extended until the last calendar day of the month in which the quarantine will end.

4) The moratorium on documentary and factual inspections has been extended until the last calendar day of the month in which the quarantine will end.

5) The term of the Law of Ukraine “On Simplifying the Procedures for Reorganizing and Capitalizing Banks” has been extended until 2024. Additionally, the requirements for the minimum size of the authorized capital of banks have been reduced from UAH 500 million to UAH 200 million.