News date: 6 May 2022
On 5 May 2022, Nina Bets, the Head of Tax Law Practice at Ilyashev & Partners Law Firm, delivered a webinar entitled “Tax Law During the Period of Martial Law”. The event was organized and hosted by the educational platform for sole proprietors SME ONLINE Hub, created by the Unlimit Ukraine project of the European Business Association (EBA) and Raiffeisen Bank Aval.
Nina Bets made a report about the particularities of taxation during the period of martial law, the categories of individual sole proprietors exempt from settlement of taxes during the regime of martial law, and those persons entitled to reduced tax rates, as well as about new currency control rules. Nina zeroed in on the fact that the transition to the application of special taxation regime does not occur automatically, a special application must be submitted. Nina also pointed out that during the mentioned period the terms of filing financial statements and the deadlines for paying taxes were changed.
“For the period of martial law, the legislator provided an opportunity for almost all business parties, with certain exceptions, to switch to a simplified taxation system with settlement of a 2% consolidated (unified) tax, – Nina Bets noted. – Many changes were also made to currency regulations, including those related to the change of the deadlines for making settlements under export-import transactions, introduction of limits on withdrawal of cash, as well as a prohibition on transfer of funds abroad, except for certain transactions”.
About 2000 sole proprietors – participants of the SME ONLINE Hub project – took part in the webinar.
SME Hub is an intensive educational program allowing small and medium-sized business owners to acquire the necessary knowledge and practical skills from professional business practitioners of large corporations to successfully run their business in Ukraine and abroad.