Taxes

There are 29 tax payments in Ukraine (and there were 135 tax payments until 2011). According to the World Bank data, Ukrainian taxpayer spends about 490 hours per year on the declaration and payment of taxes (not as fast as in Switzerland (63 hours), but not as tiring as in Brazil (2600 hours))

 The tax burden on income in Ukraine is 55,4 %, and the world average is 44,7 %.

 The cost of taxpayer’s error in Ukraine is:

  • 3-5% of the amount of understated tax liability if the taxpayer corrects the error;
  • 25% of the amount of understated tax liability if a tax inspector finds an error;
  • 8,4% fine per annum for each day of a tax debt non-payment;
  • 17 000 - 425 000 Hryvnias fine as a criminal liability for tax evasion amounting to more than 573 500 Hryvnias (in case of tax evasion of more significant amounts a prohibition to carry out business activities or to hold certain positions may be applied, as well as confiscation of property).
  • Up to 5 years of restriction or deprivation of liberty - for illegally obtaining or attempting to obtain budget refundment (regardless of its amount)