The President signed the law on amendments to the Budget and Tax codes

The document comes into force on 1 January 2018

The President of Ukraine Petro Poroshenko has signed laws introducing amendments to the Budget and Tax code to balance budget revenues next year.

“President Petro Poroshenko has signed the Law of Ukraine No. 2233-VIII “On amendments to the Budget code of Ukraine” Law of Ukraine No. 2245-VIII “On amendments to the Tax code of Ukraine and certain legislative acts of Ukraine concerning balancing the budget revenue in 2018″. The relevant laws are included in the budget package legislation”, – stated in the message.

It is noted that the document No. 2233-VIII the conditions for stable functioning of the budgetary system and implementation of medical and educational reforms. The law provides for clarification of the procedure of formation and execution of local budgets, interbudgetary relations between the state and local budgets. As well as the financing of health and education, social protection of citizens; the establishment of a State Fund for water development and improvement regulations of the State road Fund.

The document comes into force on 1 January 2018, except for subparagraph 5 of paragraph 37 of section I of the Act, which comes into force on the day following the date of publication.

Changes to the Tax code provides a solution about the blocking of tax invoices/adjustment calculations in the Unified register of tax invoices, implementation of indexation of tax rates set in absolute values.

In addition, provides amendments to the rules of duty free import of goods into the territory of Ukraine, including international mail and Express shipments; implemented a number of incentive and preferential rules, including the provision of benefits for certain types of activities and certain types of products; regulate the issue of indexation of normative monetary evaluation of lands of agricultural purpose and so on.

As noted, the implementation of this law will create conditions for balancing the budget revenue in 2018, including by increasing the rates of individual taxes, defined in absolute values, the fulfillment of Ukraine’s obligations before the EU on a gradual increase of excise tax rates on tobacco products, promotion of entrepreneurship and liberalization of conditions for doing business, protection of taxpayers ‘ rights and strengthening responsibility of officials of controlling authorities for violation of the rights of economic entities.

The law shall enter into force on 1 January 2018, except for certain law points, which come into force on the day following the day of publication, from July 1, 2018 January 1, 2019 and January 1, 2025.

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