CORPORATE INCOME TAX RATE IN UKRAINE AND REPORTING PERIOD | UBC
Corporate income tax rate and reporting periods
The earlier review referred to Article 151.1 and paragraph 10 of Section XX "Transitional Provisions" of the Tax Code of Ukraine, which provided for a staged reduction of the corporate income tax rate to 16 per cent.
- from 1 April, a rate of 23 per cent applied;
- at the next stage - 21 per cent;
- then - 19 per cent;
- the final target in the stated schedule was 16 per cent.
The text separately stated that profit for the first quarter of the transitional year was taxed at 25 per cent.
Under paragraph 152.9 of the Code, the corporate income tax periods were the calendar quarter, half-year, nine months and year, with accounting on a cumulative basis from the beginning of the year.
The transitional provisions established a separate reporting sequence after the new rules entered into force: returns were prepared cumulatively for the second quarter, the second and third quarters, and the second through fourth quarters. Therefore, the usual periods "half-year", "nine months" and "year" were not actually used in their ordinary format during the relevant transitional year.
The material also mentioned temporary non-application of financial penalties to corporate income taxpayers and persons that moved to the general system for certain breaches in the second and third quarters of the transitional year.
Certain preferential provisions concerned profit from simultaneous production of electricity and heat or production of heat from biological fuels, as well as manufacturers of machinery, equipment, vehicles and energy installations specified by law that used biological fuel and were manufactured in Ukraine.
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