Parliament proposes increasing the tax audit threshold to one million hryvnias
The Verkhovna Rada of Ukraine has approved draft law No. 16037-d in the first reading, aimed at optimizing Value Added Tax administration. The document provides for the expansion of digital tools for businesses and changes to the tax audit procedure. This is reported by the portal PromPolitInform, citing information from the Verkhovna Rada.
Parliamentarians adopted the initiative, which provides for a number of amendments to the Tax Code. The corresponding draft law was developed by a group of people’s deputies, including Danylo Hetmantsev.
Digitalization of tax services
One of the key innovations is the expansion of the taxpayer’s electronic cabinet capabilities. The system is expected to automatically fill out reports and invoices based on data already accumulated in state information databases.
For VAT payers carrying out transactions with buyers who do not have such status, it is proposed to introduce the right to draw up consolidated tax invoices. This can be done on the last day of the month, including when receiving advance payments for goods or services.
Changes to audit procedures
The draft law significantly changes the threshold indicators for unscheduled documentary audits. In particular, the limit for the amount of budget reimbursement or negative VAT value that serves as the basis for control measures is being raised from 100 thousand to 1 million hryvnias.
The initiative also expands the rights of individual entrepreneurs (FOP) who are VAT payers, giving them the opportunity to independently determine a convenient reporting period — monthly or quarterly.
Updating the legal framework
The draft law contains provisions for improving mechanisms for the voluntary payment of tax liabilities assessed following audits during the martial law period. In addition, the document harmonizes legislation related to the issuance of bonds.
This is necessary due to the future repeal of the law on mortgage bonds and its replacement with requirements regarding securitization and covered bonds. It is expected that such steps will reduce administrative pressure on businesses and simplify interaction with regulatory authorities.
Illustrative photo: Wadco2 / CC BY-SA 3.0
