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Violation of deadlines for settlement of export and import transactions: peculiarities of tax audits and liability during martial law and a little before that

14 August, 2023 Newsletters

The tax authorities are making inquiries and already conducting tax audits on compliance with the deadlines for settlement of export / import transactions. The right to conduct tax audits on this issue has been renewed since November 2022 and confirmed, with technical clarifications of the relevant provisions, by the changes to the Tax Code of Ukraine, which have entered into force on August 1, 2023.

Hence, for many taxpayers, there is a risk of sanctions – a penalty of 0.3% per day for exceeding the nominal maximum settlement terms for such transactions. And “failures” regarding this issue, unfortunately, were quite common due to disruption of the normal conduct of business by full-scale military aggression of Russia and the consequences caused by this.

But from the point of view of legislation, the situation actually does not look so bad, and there are arguments for the assertion that there were no violations for which penalties should be applied at that time, because there was no valid provision of law that could be violated.

The full version of the article is available in Ukrainian by the link.

Kind regards,

© WTS Consulting LLC, 2023

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