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the Law #1210
On May 21, 2020, the President of Ukraine signed the Law #1210, introducing significant innovations to the Tax Code of Ukraine.
Important provisions of the new Law are as follows:
1. Significant expansion of the rights of regulatory authorities, which will be even more noticeable in the context of the upcoming automatic information exchange (CRS);
2. Introduction of tighter tax rules for non-residents;
3. Introduction of unprecedented tracking mechanisms for foreign companies controlled by Ukrainian citizens;
4. Implementation of international BEPS standards to tackle tax base erosion and regulations for taxation of individuals.