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14.01.2015

Tax compromise

     The President signed the Law from 25.12.2014 № 63-VIII about the detailing of tax liabilities for income tax and VAT in case of using tax compromise.

     Thus, the tax compromise would be exemption from legal responsibility for taxpayers because of understatement of tax liabilities for income tax and VAT for any tax periods prior to April 1, 2014 taking into account the time limitation established by TCU. In this case taxpayer must submit refining calculation, in which a taxpayer must determine the sum of overstatement of tax credit for VAT or the sum of overstatement of expenses for income tax.

     The taxpayer will need to pay only 5% of the sum of the tax. That is 95% of the corresponding tax consider to be discharged.

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