New amendments in the Tax Code shall become operative

On June the 22nd the President of Ukraine Victor Yanukovich signed the Law of Ukraine № 4834-VI «On Amendments to the Tax Code of Ukraine regarding the improvement of certain tax rules». As it is known, the above mentioned law was passed by the Parliament on May the 24th. This Law shall become operative on July the 1st, 2012.

The law alters the Tax Code regarding the improvement of tax administration, simplification of procedures for registration of VAT payers, improvement of simplified tax system, the procedure for determining income of single tax payers, etc.

Adaptation period for single tax payers will continue until the end of 2012. Thus during this period the penalties will not apply to single tax payers.