“illustration by Ilya Kolesnyk for Forbes Ukraine Private entrepreneurs are facing significant changes. The Ministry of Finance has developed a draft law that provides for the transition of FOP to payment of value added tax already after reaching the limit of 1 million hryvnias per year. This will cause difficulties for entrepreneurs in the reporting process, as well as a threat to profitability. However, the authorities see […]”, — write: businessua.com.ua
illustration by Ilya Kolesnyk for Forbes Ukraine
Private entrepreneurs are facing significant changes. The Ministry of Finance has developed a draft law that provides for the transition of FOP to payment value added tax already after reaching the limit of 1 million hryvnias per year. This will cause difficulties for entrepreneurs in the reporting process, as well as a threat to profitability. However, the authorities see this as a means of combating illegal imports and business division. What awaits the FOP under the updated conditions and when can they begin to operate?
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Before the end of the first quarter, the Verkhovna Rada must approve, at least in the first reading, the draft law on expanding the obligation to pay value-added tax for private entrepreneurs with revenue of more than 1 million hryvnias. This is nine times less than the maximum threshold currently available to small businesses.
On December 18, the Ministry of Finance published a draft law, which provides for the transfer of FOP to payment of VAT when receiving an income of more than 1 million hryvnias per year. This document is one of the main conditions for starting a new program with the World Monetary Fund (IMF).
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