Friday, June 21, 2024

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    Prominent European Business Association Engages in Discourse with Ukrainian Parliament’s Finance Chair, Daniil Getmantsev, on Tax Policy

    Stability Ensured: Ukrainian Tax System to Remain Unchanged in 2024, Focus on Excise Tax

    In a significant meeting, representatives of the European Business Association (EBA) recently convened with Daniil Getmantsev, the Chairman of the Verkhovna Rada Committee on Finance, Tax, and Customs Policy. During this meeting, Mr. Getmantsev provided insights into the future of Ukraine’s tax system, as reported on the EBA’s official website.

    Mr. Getmantsev delivered reassuring news to businesses, affirming that there would be no alterations to the tax legislation in the current year. He emphasized that the 2024 budget has been meticulously calculated based on the existing tax framework, ensuring stability for the business community.

    Furthermore, Mr. Getmantsev addressed the issue of tax audits, indicating that they would not be reinstated starting in October. He expressed his own reservations about their revival but acknowledged the influence of international partners on this matter. Instead, the country intends to revert to a prior approach, characterized by partial inspections. Additionally, plans are in place to introduce a risk-based assessment system; however, the specifics and timeline for this initiative will necessitate collaboration with international partners. It is worth noting that the statute of limitations for tax inspections will align with the ongoing moratoriums, providing clarity and predictability.

    When discussing the potential for tax increases, Mr. Getmantsev underlined that he foresees no dramatic proposals to escalate taxes in the foreseeable future. Rather, the focus would primarily be on an incremental rise in excise taxes.

    Notably, Mr. Getmantsev expressed reservations about increasing the tax-free threshold for charitable contributions to the Armed Forces of Ukraine. His stance is grounded in the fact that all tax revenues in the state budget are presently allocated to the military. Given that the 2024 budget addresses only 93% of the direct military requirements, maintaining taxation on philanthropic endeavors remains a critical component of supporting national defense efforts.

    In this critical juncture of Ukraine’s economic landscape, the engagement between the European Business Association and Daniil Getmantsev offers a glimpse into the nation’s tax policy stability and strategic direction for the future.

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