What to prepare in 2019?
In the tax system, something is constantly changing, and it is important for financiers to keep abreast of this issue. The other day, a round table discussion titled “Taxes. What to prepare for in 2019? ”. Lyudmila Demchenko, Head of the Main Department of the Kiev SFS, Inna Yakushko, Head of the Audit of the Main Department of the SFS of Kiev, and Elena Makeeva, Advisor to the Head of the SFS, Vice President of the Board of Independent Accountants and Auditors, Head of the Board of Directors of the Audit Company were invited to discuss the topic. Aksonova & Associates and Dmitry Myhaylenko, Partner at OMP Tax & Legal, Audit & Accounting, President of the Association of Tax Consultants, Head of the Tax Committee of the Ukrainian Chamber of Commerce and Industry.
Globalization processes together with the digital economy give rise to new challenges that must be met by tax policy. And our country does not stand in the direction of these processes, although transformations are still proceeding slowly. Among the main challenges – Ukraine should bring the tax legislation to the EU law, revise the rules of taxation with indirect taxes (VAT and excise). In particular, according to the agreement about the Association, royalties should be subject to value added tax.
Among the main global tax trends that will affect Ukraine in the near future, experts highlighted the following:
The fight against tax evasion is becoming tougher around the world. Countries resort to amending domestic legislation to curb tax-free capital outflows to low tax jurisdictions. More and more “pressure” on the presence of business in the country of registration.
Countries are beginning to share tax information, introducing a standard of transparency. Increased offshore control. Experts of the round table suggested that they disappear after 3-5 years.
The ratio of taxes to GDP is growing – not due to an increase in nominal GDP, but due to an increase in nominal tax revenues.
Indirect taxes and personal income taxation are growing. At the same time, income tax is reduced.
