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Ukraine

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About

Ukraine

Capital
Official languages
Population 
Currency

ISO 4217

Kyiv

Ukrainian

42,800,000

Ukrainian Hryvnia

UAH

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Economy

"Ukraine has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 3.3% in 2019, and is projected to grow by 3.5% in 2020. This is a significant improvement from the 0.2% growth rate in 2016. The country's inflation rate has also decreased from 12.4% in 2016 to 8.2% in 2019.

The country's unemployment rate has also decreased from 9.8% in 2016 to 8.2% in 2019. This is largely due to the government's efforts to create jobs and attract foreign investment. The country has also seen an increase in foreign direct investment, which rose from $3.2 billion in 2016 to $4.2 billion in 2019.

Overall, Ukraine's economy has seen a positive trend in recent years, and the country is well-positioned to continue its growth in the coming years."

Taxation

Taxation in Ukraine:


Corporate Tax:

- The corporate income tax rate in Ukraine is a flat rate of 18%.

- Companies are required to file tax returns and make quarterly advance payments throughout the year.


Personal Income Tax:

- The personal income tax rate in Ukraine is a progressive tax ranging from 5% to 20%, depending on the amount of income earned.

- Personal income tax is levied on all income earned by individuals, including salaries, wages, and investment income.


Value-Added Tax:

- The value-added tax (VAT) rate in Ukraine is 20%, with certain goods and services being exempt or subject to a reduced rate.


Tax Payment and Calendar:

- The tax year in Ukraine is the calendar year, from January 1 to December 31.

- Companies are required to file monthly and annual tax returns and make quarterly advance payments throughout the year.

- Individual taxpayers are required to file an annual tax return by April 30 of the following year.

- Tax payments are due on a monthly or quarterly basis, depending on the type of tax.


Ukraine has recently implemented a number of reforms to its tax system to make it more efficient and transparent. However, there are still challenges related to tax compliance and enforcement. It is recommended to consult with a tax professional familiar with the specific circumstances in Ukraine for personalized advice on tax matters.

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