The Cabinet of Ministers of Ukraine has approved and submitted in parliament draft Law 4101 on amendments to the tax code of Ukraine and other laws to ensure a balanced budget. The draft Law includes various measures, including certain tax-related measures.
One of the key measures is the introduction of loss carryback provisions that would allow taxpayers to carry back losses up to five years. Another important measure is penalty relief for tax that arose as of 1 March 2020 and remained unpaid as of 1 September 2020, provided that payment in full is made with six months of the law's entry into force. Lastly, provisions are included for the recovery of tax debts from the funds of a taxpayer's bank account at the tax authority's discretion, without relying on legal recourse.
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