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.