On October 28, at a regular meeting, the Cabinet of Ministers approved decisions previously developed by the Ministry of Finance to the Tax Code “On Accounting and Financial Reporting in Ukraine” regarding the implementation of electronic audits (e-audit)
The changes specifically concern the rules for submitting data to the State Tax Service about:
- the presence and condition of assets
- changes in the financial and economic status of taxpayers in the form of a Standard Audit File (SAF-T) within 60 calendar days
The new reporting rules will take effect from January 2025 for large taxpayers, and from January 2027 for VAT payers. There will also be liability for late submission of reports, as well as for errors in the standard audit file
The objectives of implementing new reporting rules include:
- increasing the speed and efficiency of audits
- minimizing tax violations
- optimizing approaches during the verification phase
- minimizing contact with regulatory authorities
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