REDUCING THE RISK OF BEING AUDITED BY REPORTING ON CONTROLLED TRANSACTIONS

October, 2017 October 2, 2017 was the deadline for companies to submit their respective reports on controlled transactions carried out in 2016.  In the lead up preparation period, questions arose for the majority of taxpayers, including "How should the report be completed so as to reduce the possibility of an audit by the state fiscal [...]

2017-11-01T09:01:23+00:00 01.11.17|Taxation and accounting|

WRITING OFF BUSINESS EXPENSES – ACTUAL PRACTICE REGARDING THIS ISSUE

September, 2017 The State Fiscal Service of Ukraine has once again changed its position, and this time the changes made concern the question of writing off losses incurred while transporting goods (grain). In this article, we will have a look at what constitutes regular practice regarding this issue. When writing off of losses within the [...]

2017-10-03T08:56:39+00:00 03.10.17|Taxation and accounting|

COST OF SERVICES: PARTICULARITIES OF DETERMINING THIS AMOUNT AND ACCOUNTING

August, 2017 For companies specializing in the provision of services, issues related to cost accounting for such services is a key priority because the cost of production is one of the most important performance indicators and makes it possible to control expenditures, to assess the effectiveness of the company’s individual projects and activities as a [...]

2017-09-05T07:05:35+00:00 05.09.17|Taxation and accounting|

TAKING TAXIS: A LUXURY OR NECESSITY?

July, 2017 We can classify this question as "eternal" issues for accountants, who have been divided into two camps: those who believe that travel by taxi is an additional benefit and those who deny this. Each of accountants has essentially chosen his position and uses it to guide his work but, from time to time, [...]

2017-08-01T08:33:18+00:00 01.08.17|Taxation and accounting|

VAT REFUNDS FROM THE STATE BUDGET

June, 2017 Value Added Tax is one of the most scandalous and controversial taxes. In particular, the VAT refund process undergoes significant changes from year to year. 2017 was no exception, which is why this article will consider what has changed with respect to the process for receiving a VAT refund, what has improved, and [...]

2017-07-06T11:05:54+00:00 06.07.17|Taxation and accounting|

COUNTRY OF ORIGIN – IMPORT BENEFITS

May, 2017 For over a year, we have been living with the Agreement on free trade zone between Ukraine and the EU, an important objective of which is to improve the tariff policy for goods and bringing customs and tariff regulations in line with EU standards. Within the framework of this Agreement, tariff preferences (preferences) [...]

2017-07-07T08:47:10+00:00 03.06.17|Taxation and accounting|

THE INVOICE – THE PRIMARY DOCUMENT

April, 2017 Today, the issue of whether an invoice (payment bill) can be recognized as a primary document, sufficient for proving the existence of a business transaction in financial reporting, remains valid. While changes to legislation, made in accordance with Law no. 1724, primarily aimed to make life easier for those providing services to non-residents, [...]

2017-07-07T08:50:12+00:00 03.04.17|Taxation and accounting|

PARTICULARITIES OF CONVERTING DEBT IN FOREIGN CURRENCY INTO CAPITAL

March, 2017 After the hryvnia’s significant devaluation and a general decline in economic activity in the country during the period 2014-2016, many companies are left holding debt obligations to their shareholders and to other related legal entities. Most of these debts are expressed in foreign currency, which adversely affects the accounting and tax accounting situation [...]

2017-07-07T08:51:27+00:00 03.03.17|Taxation and accounting|