Tax Terra Incognita

The Ukrainian tax system has been always considered a terra incognita field with burdensome administration. Our tax legislation shows itself to probably contain the most rapidly changing rules for business. An unpredictable future is obviously the main reason why traditional business planning is extremely complicated, with its awkward risks. A liberal tax design is greatly anticipated. But let’s be honest, it is unlikely to be politically feasible for the present economic situation. Meanwhile, the October memorandum with the IMF notes that in 2017 new changes to the tax system are inevitable.

On the global front, policies on revelations of tax evasion are gaining momentum. The so-called Panama Papers provoked tax debate around deoffshorization and stir up interest in the next round of “leaks” stories.

The Ukrainian tax authorities have never worked satisfactorily and are the subject of reorganization. Our cover story speaker Oleg Vdovychen, founder of Vdovychen & Partners, shares his vision on recent events regarding the tax police and challenges for its upcoming reform. This task definitely needs extensive consideration.

Happy reading,

Olga Usenko