The law on the postponement of fines under CIC entered into force.

Pursuant to Law No. 3706-IX, companies that have difficulties with reporting due to the hostilities can avoid fines and administrative burdens and stabilize their business. However, it should be noted that fines for failure to provide information at the request of the tax authorities remain in force. This ensures control over compliance with the law and obligations to the state.

Law No. 3706-IX provides for the following changes to CFCs:

"72. Temporarily, from January 1, 2022, and during the period of martial law in Ukraine, introduced by the Decree of the President of Ukraine "On the Introduction of Martial Law in Ukraine" dated February 24, 2022 No. 64/2022, approved by the Law of Ukraine "On Approval of the Decree of the President of Ukraine "On the Introduction of Martial Law in Ukraine" dated February 24, 2022 No. 2102-IX, and six months after the month in which martial law is terminated or canceled:

  • taxpayers shall not be subject to penalties for violations provided for in paragraphs one to eight of clause 120.7 of Article 120 of this Code;
  • the taxpayer, its officials shall not be subject to administrative and criminal liability for violations related to the application of the provisions of Article 39-2 of this Code;
  • information and/or documents received by the controlling authority in accordance with Article 39-2 of this Code:

a) is restricted information that cannot be requested and/or transferred to law enforcement agencies upon their request or within the procedures provided for by the Criminal Procedure Code of Ukraine;

b) cannot be considered evidence in criminal proceedings within the meaning of Article 84 of the Criminal Procedure Code of Ukraine.

The limitation period provided for in Article 102 of this Code for determining the tax liability related to the information contained in the reports on controlled foreign companies shall start from the date of submission of such report to the controlling authority."

Other Publications

Business registration in Cyprus: A step-by-step checklist

Is it possible to register a company in Europe and have low taxes? How to maintain the confidentiality of information about the real owner?You can find the answers to these questions and all the details of the work in our article.

How to start a business in the Czech Republic? A detailed guide for Ukrainians

Company registration in the Czech Republic, all the advantages and disadvantages.

How to obtain a cryptocurrency license in Estonia?

What is cryptocurrency and where to get a cryptocurrency licence easily.

What do you need to know about registering a foreign company?

Setting up a foreign company opens up new opportunities for your business, but it also requires careful planning and preparation. After all, it is important to choose the right jurisdiction, taking into account tax conditions, regulatory environment and the level of economic stability.


Our Contacts

Client Relations Department

+380 73 427-66-30

Address

Kyiv, 01054, Ukraine,

40B Ivan Franko St., office 207

Messengers

Social Networks

Maira Consult logo