NEW RULES FOR THE EXPORT OF AGRICULTURAL PRODUCTS AND A NEW FORM OF TAX INVOICE WILL COME INTO FORCE ON JULY 1
On June 20, two important laws introducing significant changes to the regulation of export operations were published in the official publication Holos Ukrainy:
Law No. 3706 "On Amendments to the Tax Code of Ukraine and Other Legislative Acts of Ukraine on Improving the Implementation of Foreign Economic Operations for the Export of Certain Goods";
Law No. 3707 "On Amendments to the Customs Code of Ukraine on Improving the Conduct of Foreign Economic Operations for the Export of Certain Goods".
In particular, Law No. 3706 provides for new details of the tax invoice and the calculation of adjustments to it. Thus, the TI form will contain new mandatory details: date and number of the customs declaration, date and number of the agreement (contract). They should be filled in for export transactions. New rules for VAT taxation of exports of goods will also be established, which relate to the documentation of export transactions, preparation of TI/CC, and determination of the VAT rate to be applied.
The changes will also affect controlled foreign companies (CFCs) and transfer pricing. The law establishes the procedure for calculating the adjusted profit of CFCs taxable in Ukraine and abolishes penalties for CFCs during the war.
The laws will enter into force on the first day of the month following the month of their publication, i.e. on July 1, 2024 (with a small exception - changes to subpara. 196.1.4 of the Tax Code will come into force on October 1).
