ExplainerDebt Set-off: Tax Implications
Quite often, companies face certain circumstances that lead to the impossibility of fulfilling contractual terms.
Insights
Articles and practical guidance from UHY Prostir specialists on audit, accounting, HR administration, reporting, payroll, tax and legal matters in Ukraine. These materials are for Ukrainian and international businesses, non-profit organizations and teams working on donor-funded and grant-funded projects.
- ExplainerRead
ExplainerReadDifference in Tax Rate by Jurisdiction
Top earners in G7 countries pay 60% more income tax than those in BRICS countries.
ExplainerReadDirector on Leave: To Work or Not to Work?
The question of whether it is possible to continue or necessary to cease performing the duties of a company director while on vacation is not clearly regulated by Ukrainian legislation.
ExplainerReadDisposal of Assets Under Martial Law
Martial law introduced special rules for the disposal of assets. We explain the restrictions businesses need to know about.
ExplainerReadDividend Payments
A client asked us about the procedure for paying dividends and the taxes due on them. We walk through the key points.
ExplainerReadDo Non-Profit Organizations Need to Accrue Unused Vacation Leave?
Accountants of non-profit organizations often ask whether they need to accrue a provision for unused vacation leave. We break down what the rules require.
ExplainerReadDoubtful Accounts Receivable
A client asked us whether a doubtful receivable from a sole proprietor can be written off to expenses. We walk through the accounting and tax implications.
ExplainerReadExpense Report in Foreign Currency: Accounting Nuances
In our audit practice, we often encounter the need to verify the correctness of reporting by accountable persons for funds received under accountability (including during foreign business trips).
ExplainerReadExport Tax Invoice
A client asked us how to draw up a tax invoice for an export supply. We explain the specifics.
ExplainerReadFinancial Monitoring in Ukraine: New Requirements for Legal Entities
Most of us have already heard about the new financial monitoring rules effective from April 28, 2020.
ExplainerReadForeign Exchange Losses as Expenses
During tax audits, the fiscal service increasingly refuses to recognize negative exchange rate differences as expenses. We look at whether that position holds up.
ExplainerReadGDPR: General Data Protection Regulation
On 25 May 2018, the General Data Protection Regulation (EU Regulation 2016/679 of 27 April 2016, or GDPR) came into force. This regulation, which has direct effect in all 28 EU countries, replaced the framework Data Protection Directive 95/46/EC of 24 October 1995.
ExplainerReadHow to Claim Tax Relief for Educational Expenses
Which documents confirm the right to a tax rebate on educational expenses? We list the requirements and explain how to claim the relief.
ExplainerReadIn-House Produced Food for Employees: Tax Implications
What are the tax implications when a company feeds employees with food it produces in-house? We answer a client’s question.
ExplainerReadIs an Adjustment Calculation Required on the Date of Additional Payment/Refund?
In the media, one can read explanations from SFSU employees stating that «in case of a change in the amount of compensation for the value of goods/services, an adjustment calculation is prepared on the date of additional payment/refund of funds».
ExplainerReadIs the cost of improvements subject to VAT?
Zaporizhzhia tax authorities reminded us of the SFS position regarding VAT taxation of operations involving the transfer of improvements to a leased asset, which was previously expressed, in particular, in Individual Tax Ruling dated 08.11.2017 No. 2559/IPK/15-32-12-01-14.
ExplainerReadKey Aspects of Individual Bankruptcy in Ukraine
Personal Bankruptcy in Ukraine: Is Debt Relief Truly Possible for Ordinary Citizens?
ExplainerReadKey Changes to the Law on Limited Liability Companies and Companies with Additional Liability
More than two years have passed since the adoption of the new Law of Ukraine on Limited and Additional Liability Companies. We review the key changes it brought for businesses.
ExplainerReadLaw 3220: The Impact of Quarantine in Ukraine on Business and Ukrainian Taxation
On March 17, 2020, to support taxpayers, the Verkhovna Rada adopted draft law 3220, which amends the Tax Code of Ukraine.
ExplainerReadLoan vs. General or Specific Purpose Financial Assistance
If, for example, an employee is experiencing financial difficulties, or a difficult life situation, needs to cover unplanned expenses, etc., and needs to receive funds "yesterday." Personal funds are not always sufficient. They might ask relatives and friends to lend them money.
ExplainerReadNew Rules on Cash Receipt by Business Entities from Banks
Many have probably already been puzzled and concerned by the changes and innovations introduced by the National Bank of Ukraine regarding the strengthening of supervision over cash settlements and the conduct of cash operations by banks.
ExplainerReadNew Year's Gifts: Tax Implications
Little time remains until the end of the current year. Therefore, most workforces of enterprises are already planning how and where to celebrate the New Year.
ExplainerReadPaternity Leave: What You Need to Know
Based on our long-term experience, the topic of parental leave for childcare being granted to the father is raised extremely rarely in enterprises; usually, social leaves are attributed to the mother. However, such situations can still arise, as our client encountered.
ExplainerReadPromotional Product Giveaways: Taxable or Not?
Does giving away promotional products create a tax liability? We answer a client’s question about the tax treatment of promotional giveaways.