New changes to the Tax Code planned for 2014

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New changes to the Tax Code planned for 2014

By Law No. 3757 “On Amendments to the Tax Code concerning rates of certain taxes” Ukrainian deputies increased the excise on spirits, beer and other alcoholic beverages, postponed the reduction of the VAT rate by one year, and also reduced the profit tax to 18%.

Table of contents:

By Law No. 3757 “On Amendments to the Tax Code concerning rates of certain taxes” Ukrainian deputies increased the excise on spirits, beer and other alcoholic beverages, postponed the reduction of the VAT rate by one year, and also reduced the profit tax to 18%.

This law provided for a reduction of the profit tax to 18% in 2014 instead of the previously planned 16%; instead, the reduction to the previously planned level will take place only in 2016. In addition, the reduction of the VAT rate to 17% was postponed until 2015.

The government plans to increase excise on alcoholic beverages and spirits by 14%, while the excise on beer will increase by 35%. In addition, increases in excise duties on industrial tobacco substitutes and tobacco by 11.6% are planned.

A more detailed analysis of possible changes will be possible after the official publication of the new Law.