The Ukrainian VAT code is to be updated from 1 January 2015 largely in an attempt to reduce extensive fraud.
The changes include:
- Input VAT recorded from services provided under the reverse charge (e.g. import of services from outside of Ukraine) may be declared in the same month as the output – instead of the following month as currently is the rule
- The VAT registration threshold is to be increased from UAH 300,000 to UAH 1,000,000
- Compulsory electronic invoices are to be introduced to help eliminate VAT extensive fraud, and invoice numbering logged with central invoice portal
- Goods may not be sold for an amount lower than the taxable purchase price without authorisation