On 23 May 2020, the Law of Ukraine “On Amendments to the Tax Code of Ukraine Purposed to Improve the Administration of Taxes, Eliminate Technical and Logical Inconsistencies in the Tax Legislation” (‘Anti-BEPS Law’) became effective with certain provisions being phased out.
At the same time, certain provisions of the Anti-BEPS Law have called for the extension of their entry into force or elaboration thereof.
Separately, the President of Ukraine referred to the Cabinet of Ministers with a number of recommendations purposed to enhance the Anti-BEPS Law concerning, inter alia, the CFC Rules, protection of data reported by taxpayers and obtained from the foreign jurisdictions.
To this end, on 14 July 2020, the Parliament of Ukraine passed Law No. 786-IX “On Amendments to the Tax Code of Ukraine with respect to Functioning of the Electronic Cabinet and Simplification of Work of Private Entrepreneurs” (‘Amending Law’). On 8 August 2020, the Amending Law entered into force.