Regarding National Classifier of Ukraine DK 009:2010 “Classification of Types of Economic Activity”

08 May, 2012 Newsletters

The National Classifier of Ukraine DK 009:2010 “Classification of Types of Economic Activity” (hereinafter – “KVED-2010”), approved by the State Committee of Ukraine for Technical Regulation and Consumer Policy as of October 11, 2010, N 457, entered into force on January 1, 2012. The National Classifier of Ukraine DK 009:2005 (hereinafter – “KVED-2005”) shall become invalid on December 31, 2012. The joint action of both KVEDs during the year 2012 is provided as a temporary measure for gradual transition to KVED-2010.

Thoughcurrent legislation does not foresee direct obligation for business entities to change to codes of their economic activity according to KVED-2010, such change during the year 2012 is advisable due to the following.

The classification of types of economic activity is used to represent and analyze statistical, tax, customs, financial and other economic information. KVED сodes are usedduring tax payers’ registration, submitting reports, defining features of taxation, receiving permits and licenses, products certification and in other cases.

Since KVED-2005 shall become invalid from year 2012 executing documents with indication of KVED-2005 codes might cause certain difficulties for business entities, e.g. non-acceptance ofmandatory reporting containing “old” codes. That is why it is recommended for business entities to change respectively during the year 2012 data containing in the Unified State Register of Legal Entities and Individuals-Entrepreneurs and formalize a new Certificate from the Unified State Register of Enterprises and Organizations of Ukraine where new types of KVED shall be stated.

The above commentary presents the general statement for information purposes only and as such may not be practically used in specific cases without professional advice.

 

Kind regards,

© TOV "KM Partners", 2012

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