The Draft Law No. 1210 “On Amendments to the Tax Code of Ukraine on Improving Tax Administration, Removing Technical and Logical Inconsistencies in the Tax Legislation” is still awaiting the signature of the President.
However, pending the adoption of the document, the expert environment is actively discussing the consequences of its impact on the tax legislation of Ukraine, individual companies, business and market players in order to help taxpayers understand how amendments will work and what information should be monitored.
Thus, Tax Academy together with JURIMEX Law Firm, EVRIS Law Firm, tax platform, TaxLink, and online legal services, Bitlex, held a joint seminar “Tax Changes 2020: New Challenges and Solutions”.
More than 115 participants attended the event dedicated to the main amendments of the Draft Law No. 1210 at which the professional community shared experiences and important information.
Special guests of the seminar directly involved in working on the Draft Law No. 1210 shared their views on tax priorities for 2020, and practicing lawyers with experience in applying the CFC, BEPS and MLI rules provided practical guidance on tax risk management and shared practical approaches to possible tax solutions.
Speakers at the event were: Oleh Chaika – Partner and Head of International Taxation practice at JURIMEX Law Firm; Vita Forsiuk – Head of Tax Law practice at JURIMEX Law Firm, Leading Tax Expert, Member of the Expert Group on the Draft Law No. 1210; Andrii Reun – Partner and Head of Tax practice at EVRIS Law Firm; Tetiana Nikitenko – TaxLink Accounting and Corporate Income Tax Expert; Myroslava Nechai – TaxLink VAT Expert; Nataliia Boiko – TaxLink PIT Expert.
The seminar participants have discussed the following:
- tax innovations that business should pay attention to;
- changes in tax administration in 2020;
- changes in international taxation in 2020;
- changes in taxation of income from Ukrainian sources;
- expanded definition of “beneficial owner”;
- principle (test) of the main business purpose;
- amendments to the rules of thin capitalization;
- expanded definition of “permanent establishment”;
- controlled foreign companies (CFC);
- recommendations and possible tax solutions of the Treaties of Ukraine on avoidance of double taxation which come into force in 2020;
- amendments to the Treaties of Ukraine on avoidance of double taxation – protocols with Cyprus, Great Britain, Switzerland, and status of the protocol with the Netherlands;
- amendments to the Treaties of Ukraine on avoidance of double taxation;
- multilateral tax convention (MLI);
- amendments to the rules of transfer pricing; - changes in corporate income tax, VAT, PIT and single tax.