Articles about accounting, taxes, audit, legal matters and business operations.
8 min read
How to Change Your Accountant Smoothly and Avoid Common Mistakes
Changing your accountant can end in lost access, document chaos and fines. We map out a step-by-step handover and the mistakes to avoid.
10 min read
Blocked Tax Invoices in Ukraine: Causes, Consequences and a Step-by-Step Guide
A blocked tax invoice catches a company off guard: the buyer cannot claim a VAT credit and the accounting team urgently looks for a fix. We explain why tax invoices are blocked, how this affects businesses, and what steps to take to have them registered.
8 min read
“UHY Prostir became my school of life as an accountant”: an interview with Anastasiia Kozlenko, Payroll Project Manager
For almost ten years Anastasiia Kozlenko has been building her career at UHY Prostir: from an accounting assistant in her first year at university to head of the payroll practice. She talks about her first steps in the profession, payroll processes and leading a team.
9 min read
“Even the best process won’t work without a team”: an interview with Ilona Tanova, COO of accounting outsourcing at UHY Prostir
Accounting outsourcing today is much more than bookkeeping and preparing reports. Ilona Tanova, COO of accounting outsourcing at UHY Prostir, talks about building processes, trusting the team and creating a service clients rely on for years.
11 min read
An AI agent for business: a practical implementation guide
Artificial intelligence is steadily working its way into everyday business operations, turning from an experiment into a practical tool for automating routine work. This guide covers what an AI agent is, which tasks to delegate to it and how to roll one out with minimal risk.
9 min read
Teamwork, Growth and a Culture of Openness: An Interview with Viktoriia Drozd, Project Manager at UHY Prostir
A young team, open communication and real room for professional growth — the advantages of working at UHY Prostir that Viktoriia Drozd values most. She talks about her path from assistant to Project Manager and about leading the company’s largest and youngest team.
9 min read
How LLCs Can Automate Accounting in 2026
Professional accounting is no longer limited to routine bookkeeping tasks.
11 min read
Taxes for an LLC in Ukraine – Up-to-Date Information for Business
After the registration of an LLC, most business owners focus on sales, their team and company development. Tax matters are often postponed “for later.”
13 min read
“Automation is changing not only processes but the role of the accountant”: an interview with Anna Korzh, Project Manager at UHY Prostir
A career in accounting often starts with basic tasks and grows into roles where systems thinking and people skills matter as much as accounting knowledge. Anna Korzh talks about her path from assistant accountant to Project Manager and how automation is reshaping the profession.
5 min read
The 2026 World Economic Forum in Davos: how AI is changing accounting, audit and the finance function
The global economic order is changing fast, and artificial intelligence is playing an ever greater role in these transformations.
17 min read
Expertise, Responsibility and Team Development: An Interview with Larysa Sterniuk
Professional growth in outsourced accounting takes years of practice, but it rests on deeper things: responsibility, systems thinking and the ability to see the business behind the numbers. Larysa Sterniuk talks about her path, her team and the accountant’s changing role.
6 min read
Write-off of Backup Power Supply Equipment by a Company
Generators, uninterruptible power supply systems (UPS), battery packs, and inverters are more than just equipment.
2 min read
Issue 21 of UHY Global Magazine is Now Available
The 21st issue of UHY Global is now available online. UHY’s international business magazine provides analysis and commentary from the unique perspective of experts within the UHY network across the globe, delivering news, interest, and actionable insights for today’s global business community.
10 min read
Never Give Up and Always Believe in Yourself: A Conversation with Nataliia Pinchuk About Her Career Path and Values
A career is a series of decisions, challenges and gradual growth. Nataliia Pinchuk has spent more than ten years at UHY Prostir, rising from her first steps in the profession to Project Manager. She talks about her path, her values and what she would advise those starting out.
5 min read
Legal Support for Business: Trends, Challenges and Professional Principles — An Interview with Olha Petrukhina
Legal support for business in Ukraine today goes far beyond contracts and formal compliance. Olha Petrukhina, Partner and Head of Legal Practice at UHY Prostir, talks about the trends reshaping the legal landscape, the risks businesses underestimate and the principles she works by.
6 min read
Accounting Outsourcing for LLCs
Accounting outsourcing for LLCs has been a practical and effective tool for a long time that helps businesses reduce costs, avoid tax risks, and receive stable professional support without the need to employ an in-house accountant.
6 min read
Audit of the Targeted Use of Grants: The Importance of Complying With Donor Conditions
Thanks to grants, nonprofit organizations can implement large-scale initiatives and attract new resources and partners. We look at why complying with donor conditions is critical and how an audit of the targeted use of grant funds works.
6 min read
Opening a Company by Power of Attorney
Registering a Limited Liability Company (LLC) is an important step on the path to doing business in Ukraine.
11 min read
How an Auditor of the Future Thinks: An Interview with Viktor Safinskyi, Head of Audit at UHY Prostir
The world of auditing is changing fast: automation, AI tools and a consulting mindset are on the rise. Viktor Safinskyi, Head of Audit and Partner at UHY Prostir Ukraine, talks about how the profession is transforming and which skills will define the auditor of the future.
4 min read
Accounting of a Charitable Foundation
Effective operation of a charitable foundation is impossible without properly organized accounting.
5 min read
Systematic Approach, Flexibility and Client Focus: Inna Starovoit on the Core Principles of the UHY Prostir Accounting Outsourcing Team
Accounting outsourcing is about structure, attention to detail and understanding what the client needs. Inna Starovoit, who has spent over 16 years at UHY Prostir and leads one of its accounting outsourcing teams, talks about partnership with clients and where the profession is heading.
5 min read
The Importance of Auditing for Trust in NGO Activities
NGO audit is an independent review of an organization’s financial statements and activities that allows assessing their accuracy, compliance with accounting standards, legal requirements, and grant agreement terms.
4 min read
Audit of Grant Projects: Key Rules and Specifics
The audit of grant projects is a generally accepted process for verifying the use of financial resources allocated to achieve specific project goals.
4 min read
Audit of General-Purpose Financial Statements of NGOs vs. Audit of Project Financial Statements: What’s the Difference
In today’s world, non-governmental organizations (NGOs) play an important role in addressing social, environmental, human rights, humanitarian, and many other issues. Effective financial management and accountability are among the key factors of their successful activity.
4 min read
How Innovation Is Changing Accounting Outsourcing: An Interview with Nataliia Lytvynenko, Chief Innovation Officer (CIO) at UHY Prostir
Accounting outsourcing is being transformed, and innovation plays the key role. Nataliia Lytvynenko, Chief Innovation Officer at UHY Prostir, talks about AI, automation and preparing the profession for its next stage.
5 min read
Features of Grant Fund Accounting in NGOs
The work of charitable and public organizations in Ukraine is critically important in today’s realities. We look at the specifics of accounting for grant funds in NGOs and the mistakes that complicate audits.
4 min read
Accounting Services for Dental Clinics and Other Private Medical Facilities
The medical business is a field that requires not only high-quality services but also efficient financial management.
4 min read
Private Equity in Accountancy
Private equity (PE) is transforming industries around the world, and that is increasingly true of accountancy.
4 min read
“UHY Prostir Is a Place Where Support, Innovation and Career Opportunities Flourish”: An Interview with Hanna Matseva, CEO of Accounting Outsourcing
Over more than 15 years at UHY Prostir, Hanna Matseva has risen from assistant to CEO of accounting outsourcing. She talks about her path, the projects she is proud of, supporting the team and the company’s plans.
7 min read
Top HR Record-Keeping Mistakes: How to Avoid Fines in 2025
Many employers believe they maintain documentation properly, but HR audits often uncover typical violations — from missing employment contracts to incorrect vacation records. Our experience shows that errors in HR record-keeping most often lead to sanctions.
4 min read
Budgeting for NGOs: the Role of the Accountant
"We were forced to return part of the grant due to budget violations." Unfortunately, more than one non-governmental organization has heard this phrase.
5 min read
How to Choose an External Auditor for an NGO: Criteria and Recommendations
Transparency in financial activities and compliance with legal requirements are critical factors for successful development of a nonprofit organization.
1 min read
New Look UHY GLOBAL Magazine Issue 20 available now
The latest issue of UHY Global magazine is now available to read online.
2 min read
Representative Offices of Foreign Companies in Ukraine: Mandatory Inclusion in the Unified State Register, Recent Legislative Changes, and Action Steps for Businesses
In September 2024 the Cabinet of Ministers changed the rules for representative offices of foreign companies: inclusion in the Unified State Register is now mandatory. We explain the changes and the steps businesses should take.
8 min read
What Does Setting Up Accounting in a Company Mean
Setting up accounting in a company refers to the process of organizing and configuring an accounting system from scratch or by improving an existing one to meet business needs and legal requirements.
5 min read
Restoration of Accounting Records
Maintaining accounting records is the foundation of a stable business operation.
5 min read
Related Audit Services
Every day, businesses face new challenges: changes in legislation, growing regulatory requirements and the need for financial transparency. We explain what related audit services are and when a business needs them.
6 min read
Accounting in IT company
An accountant for IT companies is not just a specialist who monitors financial flows, but also ensures transparency in IT accounting.
7 min read
HR Record-Keeping for NGOs
HR record-keeping is the foundation for the stable operation of any non-governmental organization (NGO).
7 min read
How to Organize (Manage) Accounting in a Nonprofit Organization: Beginner's Guide
For nonprofit organizations (NPOs), transparency is a key element ensuring accountability.
4 min read
Sale of an LLC: specifics, stages, and required documents
When it comes to changing a business or exiting it, selling an LLC becomes a key decision that allows you to unlock new opportunities.
4 min read
Analysis of Loan Agreements Before Signing
Arranging a loan agreement is an important step that involves long-term financial obligations.
7 min read
Registration of a charitable foundation: steps, instructions, and common mistakes
Creating a charitable foundation is a legally complex process that opens up opportunities for an organization to operate officially.
4 min read
Contract Expertise
Legal contract review plays a crucial role in ensuring the reliable operation of a business.
5 min read
Objection to a Tax Audit Report
A tax audit often raises concerns among business owners due to potential consequences such as additional tax assessments, fines and even administrative liability for violations of tax laws.
5 min read
Work Permit for Foreigners in Ukraine
The process of obtaining a work permit for foreigners in Ukraine is a crucial step for foreign citizens seeking to work legally in the country.
4 min read
Verification of Funding Usage and Preparation of Audit Reports
Audit checks are necessary to ensure transparency, accountability and efficiency in the use of financial data for any legal entity.
3 min read
Legal Outsourcing
Legal outsourcing (legal support) refers to specialized services aimed at ensuring the legal security of a company’s activities and effective business management.
5 min read
Development of an Accounting Policy for Enterprises Under NAS and IFRS
The development of an accounting policy is a vital step for any enterprise aiming to ensure stable growth, transparency in financial matters, and investor trust. It helps standardize processes and ensures compliance with legislative requirements.
5 min read
Personnel Audit
A personnel audit is a thorough evaluation of a company’s personnel documentation and processes, aimed at assessing their compliance with labor laws and internal regulations. It plays a crucial role in ensuring the stable and secure functioning of a business.
4 min read
Changes to LLC (Limited Liability Company)
Any business must adapt to change, and LLCs are no exception.
4 min read
Audit of Grant Funds Usage
The audit of grant fund usage is a key element in ensuring transparency in the implementation of social, educational, cultural,and environmental projects funded by grant providers (donors) for non-profit organizations.
1 min read
UHY-Prostir Partnered with the Conference "Living on Interest"
On November 9 Kyiv hosted the conference "Living on Interest," with UHY-Prostir as an event partner.
7 min read
Accounting for Diia City Residents
Obtaining the status of a Diia City resident unlocks new opportunities for companies, providing significant advantages in accounting and taxation.
5 min read
Audit of Diia.City Residents’ Reporting
The Diia.City residency status provides companies with several benefits, including a special tax regime, the ability to enter into gig contracts with employees and other regulatory simplifications. This status is becoming increasingly popular among Ukrainian companies, especially in the IT sector.
4 min read
Salary Calculation for Employees of a Non-Governmental Organization
Since non-governmental organizations (NGOs) do not generate commercial profits, their funding largely depends on grants, donations and support from donors.
8 min read
Investment Income – Where to Report and What to Pay
Investing in Ukraine is becoming a popular way to grow or preserve capital, but it also comes with tax obligations.
2 min read
UHY Prostir: Your Accounting in Reliable Hands
We offer a comprehensive solution for payroll management and accounting on the SAP Business One platform, localized for Ukraine by TG Consulting.
4 min read
Financial Transparency of a Company and How to Achieve It
In today’s dynamic business environment, financial professionals, managers, and business owners utilize various resources and tools for company development and management. One of these essential aspects is financial transparency.
4 min read
Dismissal of employees during martial law
It is important for managers and business owners to navigate the basic rules of labor law in order to guarantee (declare) compliance with the rights of employees in your company and avoid unnecessary risks regarding the calculation of fines for non-compliance with labor law.
4 min read
Does the company risk having employees who work remotely abroad during martial law? What about the wages of such workers?
Many Ukrainians left abroad because of the war, and still continue to leave. When an employee leaves, it is a certain test for the employer.
5 min read
Do mobilized workers need to be paid and what job guarantees do they have after military service?
In the conditions of martial law, almost every Ukrainian company is faced with the fact that workers are being mobilized.
5 min read
Transition to a simplified tax system for legal entities: what you should know
Business owners and managers turn to our company to help them choose the optimal tax system for their company.
8 min read
Choosing the optimal taxation system for running a business in Ukraine
When clients turn to us for recommendations on which tax system to choose for doing business in Ukraine, we usually provide a list of key criteria that will help them independently determine the most optimal option.
5 min read
How to save jobs during martial law?
I think that every company, public or charitable organization (NGO) in Ukraine, which worked until 2022 and is working now, at least once faced the question of saving jobs. It is possible to do this during martial law.
4 min read
Mobilization of an employee: documentation and settlements with such an employee
Given the current circumstances, the presence of a mobilized employee in the company's staff becomes more real than imaginary.
5 min read
Where does proper personnel accounting in business begin.
Our company often receives requests from managers and business owners about how to properly organize effective personnel accounting in compliance with all the requirements of current legislation.
4 min read
How can a manager ensure that wages and taxes are calculated without errors
Managers, business owners and NGOs often contact our company with the question - How to make sure that wages are calculated without errors?
5 min read
How to achieve effective internal communication
Without effective internal communication, companies struggle to innovate, collaborate and grow. We look at how to make communication between departments work.
7 min read
How to open bank a account for a public organization and decide who will keep the accounting records
In the previous article, we reviewed the main procedure of public organization registration in Ukraine, a list of the documents needed and the stages of the procedure.
12 min read
What an NGO Leader Needs to Know About HR Record-Keeping During Martial Law
During martial law, HR record-keeping has its peculiarities for leaders of non-governmental organizations.
13 min read
What You Need to Know About Fixed-Term Employment Contracts
For every business entity, it is important to establish an effective system of functioning and interaction between the employer and employees.
7 min read
Buying a finished (existing) business in Ukraine during the war
This is the time when it is possible either to sell your business and start doing something completely new, or to try to buy an existing profitable business the owners of which have decided to change the sphere or have chosen another market for their further development.
11 min read
How to register the NGO in Ukraine: the procedure of registration and obtaining the taxpayer status
The previous article discussed a list of the main NGO registration forms.
11 min read
What should NGOs take into account while working with Sole Proprietors (FOP) in Ukraine
As we promised in the previous article, we keep on introducing NGO activities to you, their peculiarities in accounting, and in relations with other business entities on the market of Ukraine. Today we will speak about the cooperation of NGOs with sole proprietors - (FOP).
3 min read
A driving force for positive change
We are all in business for a purpose. Businesses exist to create and sell products or services and, by doing so, to make profit.
6 min read
What Managers and Accountants of NGOs Have to Know about Accounting, Taxes and Tax Reporting in Ukraine
Managers and accountants of NGOs often refer to our experts to enquire about the reports NGOs have to submit to government agencies, and the deadlines.
6 min read
Project Accounting for Non-Profit Organizations: Accounting Principles
In these challenging times, as we face new challenges due to Russia’s full-scale military aggression against Ukraine, the role of the non-profit sector in overcoming its consequences and assisting vulnerable populations is growing.
11 min read
Cash Registers (RRO/PRRO) for Sole Proprietors in 2022: Installation Requirements, Penalties, and How to Appeal Them
From January 1, 2022, most individual entrepreneurs are required to use fiscal registrars (RRO/PRRO). We cover the installation requirements, the fines and how to appeal them.
5 min read
A Step-by-Step Guide to Documenting Maternity Leave and Return to Work in 2024
In accounting practice, the issues of documenting maternity leave and calculating maternity benefits are always relevant.
6 min read
Maternity Leave 2024: What Women Need to Know
The period of pregnancy, childbirth, and childcare is important for every woman.
8 min read
Electronic Sick Leave: How Does the System Operate Post-October 1, 2021?
Two months have passed since the full launch of e-sick leave certificates.
6 min read
How to Correctly Draft an Advertising Services Contract with a Blogger
49% of internet users claim they are more likely to buy brands they see advertised. It’s effective, it’s popular. But how to achieve the desired results? And how to avoid encountering a dishonest blogger?
5 min read
What Should Food Establishments Do When Customers Refuse to Present COVID-19 Documentation?
The decision to classify the city of Kyiv as a "red" zone was adopted by the State Commission for Emergency Situations on October 28, 2021, in accordance with Protocol No. 42.
8 min read
Stricter Quarantine Measures in Kyiv: Red Zone Restrictions Effective November 1, 2021
From November 1, 2021, at 00:00, a "red" level of epidemic danger for the spread of COVID-19 has been established in the city of Kyiv.
7 min read
How to Outsource Payroll
Key aspects of payroll outsourcing Timely and correctly paid salaries are one of the main factors that can motivate your employees to work productively.
8 min read
Sole Proprietorship for IT Professionals: A Comprehensive Guide to Foreign Economic Activity and Foreign Currency Banking
Foreign Economic Activity for FOP Group 3: What You Need to Know As of 2021, Group 3 is actively used for IT FOPs, less often Group 2.
4 min read
Additional Parental Leave: Who is Eligible?
Leave is a great opportunity to relax and gain strength for new work ideas.
7 min read
IT Sole Proprietors: Selecting Activity Codes and Tax Compliance
What are the peculiarities of accounting for FOPs in IT IT business today is the most modern and innovative in Ukraine.
5 min read
How to Properly Submit Ultimate Beneficial Owner Information
Companies must submit information about their ultimate beneficial owners. We explain the procedure and the deadlines.
10 min read
How to set up IT Outsourcing to Ukraine
The IT sphere has become one of the most promising in Ukraine in the last decade. Primarily, it concerns export-oriented outsourcing segment.
7 min read
How to Properly Calculate Sick Pay in 2021
We explain how to calculate sick pay in 2021: the formula, the average daily wage and how the employee’s insurance record affects the amount.
7 min read
Sick Pay 2021: The Essentials
Currently, as Ukraine and the world are being hit by new waves of coronavirus, the topic of calculating and paying sick leave benefits is highly relevant.
6 min read
Electronic Employment Records 2021: What They Are and How They Work
The introduction of electronic employment record books is another step towards the implementation of digital technologies in Ukraine.
6 min read
How to Transition to Electronic Document Management
Should a Company Switch to Electronic Document Management? We are all accustomed to paper-based document management: it's clear and convenient.
11 min read
How to Properly Terminate an Employee: Employer-Initiated
If, for one reason or another, you need to terminate an employment contract with an employee, i.e., dismiss an employee, we advise you to do so in accordance with the law.
5 min read
How to File Your 2021 Income Tax Return and Claim a Tax Deduction
We offer services for filling out and submitting the annual income and property declaration for 2021.
7 min read
How to Properly Reimburse Business Travel Expenses in 2021
Daily wage is calculated based on the salary provided for by the employment (collective) agreement. This is the usual salary for a working day that an employee would receive if not on a business trip. Average daily wage is calculated a little more complexly.
6 min read
Sole Proprietor's Personal and Business Accounts: Proper Usage
Can a sole proprietor use a personal account for business? We explain which types of bank accounts exist and how to use them properly.
7 min read
How Sole Proprietors Can Choose the Right Bank for a Business Account
What you need to do before choosing a bank to open an account: Analyze the reliability rating of banks. This important point will help you protect yourself from unreliable and problematic banks. Quarterly, the Ministry of Finance assesses the rating of stability of Ukrainian banks.
7 min read
Kyiv's New Lockdown: Restrictions for Restaurants and Retailers Effective March 20, 2021
In spring 2021 Kyiv tightened lockdown restrictions for restaurants and retailers. We summarize the new rules for business.
6 min read
9 Rules for Accountants in IT Companies
Guide for Accountants in IT How to distinguish an outstanding accountant from a boring bore?
7 min read
Executing a Used Car Sale and Purchase Agreement and Registering the Vehicle to the New Owner
The practice of buying a used car is very common in Ukraine.
5 min read
How to open a bank account in Ukraine
Opening a bank account is one of the most common procedures in the sphere of banking and finance in Ukraine.
3 min read
How to Claim Your Tax Deduction
The declaration of income by individuals can be carried out not only to fulfill the obligation to pay tax to the budget, but also to enable the refund of previously paid amounts of personal income tax (hereinafter – PIT). This can be done by exercising the right to a tax rebate.
5 min read
Avoiding Tax Issues for LLCs Contracting with Group 2 Simplified Tax Sole Proprietors
Prostir Accounting Services Company provides accounting services for Ukrainian and international companies, representative offices, non-profit organizations and foundations, and sole proprietors (FOP).
6 min read
KVED Explained: Selecting Economic Activity Codes for Sole Proprietors
Every entrepreneur faces the question of choosing NACE codes during registration.
6 min read
New LLC Law: Articles of Association Requirements and the Model vs. Custom Choice
What does the new LLC law change for a company’s articles of association? We compare the model charter with a custom one and explain how to choose.
1 min read
Accounting for representative offices of foreign pharmaceutical companies
Foreign pharmaceutical companies perform their activity on the territory of Ukraine in different ways.
1 min read
Accounting for private educational organizations
Market of private educational services is one of the most dynamically developing in Ukraine.
1 min read
Accounting for medical organizations
UHY Prostir has worked with medical organizations for many years. We describe what accounting for private medical facilities involves and where the industry-specific risks lie.
1 min read
Accounting for IT-companies
The spread of technologies like artificial intelligence, deep learning, chatbots, neural networks, blockchain and cryptocurrency has transformed the way we live.
1 min read
Accounting for Digital agencies
In the modern business environment it is hard to imagine a company not being represented in the Internet.
1 min read
Tax Legal Advice
Ukrainian tax law does not answer every question directly: in our court practice, we have often seen matters with essentially the same facts treated differently by different judges or tax authorities.
1 min read
Legal Services for Representative Offices of Non-Resident Pharmaceutical Companies
We consider the legal support of the non-resident pharmaceutical companies in Ukraine to be our priority, with our lawyers’ extensive experience in this field.
1 min read
Legal Services for Private Educational Institutions
Demand for private education in Ukraine keeps growing, as state schools no longer fully meet the fast-changing needs of pupils and their families.
1 min read
Legal Services for IT Companies in Ukraine
Ukraine’s IT industry grows more important every year: it creates jobs, generates tax revenue and strengthens the country’s reputation on the world stage. At the same time, technologies such as blockchain and cryptocurrency pose a challenge for lawyers, because the law does not yet regulate them.
1 min read
Legal services for Digital Agencies
In the 21st century, most products and services are found and bought online, so a well-run digital marketing effort can give a company a real edge in its market.
4 min read
Tax audit and tax risks computation
Although financial (bookkeeping) accounting and tax accounting have grown closer in recent years, and despite their apparent similarity, many factors still support treating them as two distinct types and systems of accounting.
3 min read
Due Diligence
Sometimes a moment comes, usually after certain period of company’s existence and strengthening its market position, when the owners may take a decision to sell it.
4 min read
The Language Law: What Businesses Need to Prepare For
Regarding business inspections, by law, the Commissioner has the right only to request and receive copies of documents, not to directly visit private organizations and enterprises. Detected violations of the new language law are recorded in a corresponding Act and Protocol.
1 min read
Corporate Law Services and Business Registration
Corporate law is an integral part of the activities of any business organization.
1 min read
Employment Law Consulting
The driving force of a company is its people – employees whose goals are synchronized with the company's priorities.
3 min read
New Rules on Cash Receipt by Business Entities from Banks
Many have probably already been puzzled and concerned by the changes and innovations introduced by the National Bank of Ukraine regarding the strengthening of supervision over cash settlements and the conduct of cash operations by banks.
6 min read
Key Aspects of Individual Bankruptcy in Ukraine
Personal Bankruptcy in Ukraine: Is Debt Relief Truly Possible for Ordinary Citizens?
4 min read
Financial Monitoring in Ukraine: New Requirements for Legal Entities
Most of us have already heard about the new financial monitoring rules effective from April 28, 2020.
3 min read
GDPR: General Data Protection Regulation
On 25 May 2018, the General Data Protection Regulation (EU Regulation 2016/679 of 27 April 2016, or GDPR) came into force. This regulation, which has direct effect in all 28 EU countries, replaced the framework Data Protection Directive 95/46/EC of 24 October 1995.
3 min read
Tax Implications of Providing Corporate Apparel to Employees
In our opinion, corporate clothing is clothing that contains any sign (signs) that allows it to be identified with the enterprise or with the goods (works, services) produced and/or sold by it.
4 min read
Automotive Company Branding
If your company has corporate vehicles, you have probably considered branding the car, i.e., placing images or inscriptions on it that would identify and distinguish your company, or the products or services you produce.
5 min read
In-House Produced Food for Employees: Tax Implications
What are the tax implications when a company feeds employees with food it produces in-house? We answer a client’s question.
5 min read
Is an Adjustment Calculation Required on the Date of Additional Payment/Refund?
In the media, one can read explanations from SFSU employees stating that «in case of a change in the amount of compensation for the value of goods/services, an adjustment calculation is prepared on the date of additional payment/refund of funds».
6 min read
Provisions of the Tax Code of Ukraine on Corporate Income Tax Returns
In this article, we will try to understand the nuances and intricacies of taxpayers applying the provisions of sub-paragraph 140.5.4 of the Tax Code of Ukraine when preparing profit tax declarations for the reporting periods of 2018.
4 min read
How to Claim Tax Relief for Educational Expenses
Which documents confirm the right to a tax rebate on educational expenses? We list the requirements and explain how to claim the relief.
3 min read
Export Tax Invoice
A client asked us how to draw up a tax invoice for an export supply. We explain the specifics.
4 min read
Tax treatment of fines
Last month, we discussed the specifics of applying sub-paragraph 140.5.10 of the Tax Code of Ukraine (hereinafter – TCU), and this time we will try to understand the nuances of applying sub-paragraph 140.5.11 of the TCU.
6 min read
Protection of the Ukrainian Language
In April 2019 the Verkhovna Rada adopted the law on the protection of the Ukrainian language. We explain what it means for business.
4 min read
What Are the Peculiarities of Pledging Goods
A significant number of sale and purchase agreements today involve an additional obligation – the delivery of goods by the seller to the buyer.
5 min read
Disposal of Assets Under Martial Law
Martial law introduced special rules for the disposal of assets. We explain the restrictions businesses need to know about.
3 min read
Public Performance of Video Content
Some owners of food industry establishments have never even heard of the obligation to provide the author with monetary (or other – by agreement) remuneration for the public display of video clips and films in their establishment.
1 min read
Law 3220: The Impact of Quarantine in Ukraine on Business and Ukrainian Taxation
On March 17, 2020, to support taxpayers, the Verkhovna Rada adopted draft law 3220, which amends the Tax Code of Ukraine.
2 min read
Difference in Tax Rate by Jurisdiction
Top earners in G7 countries pay 60% more income tax than those in BRICS countries.
7 min read
Key Changes to the Law on Limited Liability Companies and Companies with Additional Liability
More than two years have passed since the adoption of the new Law of Ukraine on Limited and Additional Liability Companies. We review the key changes it brought for businesses.
4 min read
Loan vs. General or Specific Purpose Financial Assistance
If, for example, an employee is experiencing financial difficulties, or a difficult life situation, needs to cover unplanned expenses, etc., and needs to receive funds "yesterday." Personal funds are not always sufficient. They might ask relatives and friends to lend them money.
2 min read
Video Consultation: How to Claim a Tax Deduction for Education
In this video consultation, we explain how to claim a tax deduction if you pay for educational services for yourself or your close relatives.
4 min read
Corporate Agreement under the New LLC Law
The new law on limited liability companies introduced the corporate agreement. We explain what it is and how companies can use it.
5 min read
Tax Accounting for the Sale of Financial Investments
Today, we will try to understand a complex issue: the tax accounting of operations involving the sale by a corporate income tax payer of its own financial investments, which were accounted for by it in financial accounting using the equity method.
4 min read
Specifics of VAT Taxation for Re-export Transactions
Are re-export transactions subject to VAT? A client asked us to clarify the specifics of the VAT treatment of re-exports — here is our analysis.
6 min read
VAT Treatment of Services Acquired by Non-Profit Organizations
In the process of auditing the general and/or project financial statements of non-profit organizations, we very often encounter transactions involving the acquisition of various services (consulting, legal, translation, advertising, seminar organization, etc.)
5 min read
Paternity Leave: What You Need to Know
Based on our long-term experience, the topic of parental leave for childcare being granted to the father is raised extremely rarely in enterprises; usually, social leaves are attributed to the mother. However, such situations can still arise, as our client encountered.
5 min read
New Year's Gifts: Tax Implications
Little time remains until the end of the current year. Therefore, most workforces of enterprises are already planning how and where to celebrate the New Year.
4 min read
Certificate Confirming Non-Resident Status with an Electronic Apostille
Can a certificate confirming non-resident status be submitted with an electronic apostille? More and more of our clients face this question — we explain what the rules say.
6 min read
Is the cost of improvements subject to VAT?
Zaporizhzhia tax authorities reminded us of the SFS position regarding VAT taxation of operations involving the transfer of improvements to a leased asset, which was previously expressed, in particular, in Individual Tax Ruling dated 08.11.2017 No. 2559/IPK/15-32-12-01-14.
6 min read
Taxpayer Application of Sub-paragraph 140.5.4 of the Tax Code of Ukraine
In the previous article, we began to delve into the nuances and intricacies of taxpayers’ application of the norms of sub-paragraph 140.5.4 of the Tax Code of Ukraine.
3 min read
Are Payments to Non-Resident Individuals Subject to Taxation?
Legal entities (both commercial enterprises and non-profit organizations) sometimes need to engage non-resident individuals to provide certain professional services, such as: services of trainers, lecturers, article editors, layout designers, etc.
4 min read
Reimbursement of Foreign Passport and Visa Application Costs
Quite often, enterprises arranging business trips abroad face the issue of obtaining foreign passports for employees and visas for countries where entry requires permits. However, the question of compensating such expenses is not entirely clearly regulated by legislation.
5 min read
Director on Leave: To Work or Not to Work?
The question of whether it is possible to continue or necessary to cease performing the duties of a company director while on vacation is not clearly regulated by Ukrainian legislation.
4 min read
Do Non-Profit Organizations Need to Accrue Unused Vacation Leave?
Accountants of non-profit organizations often ask whether they need to accrue a provision for unused vacation leave. We break down what the rules require.
4 min read
Dividend Payments
A client asked us about the procedure for paying dividends and the taxes due on them. We walk through the key points.
3 min read
Accommodation Payments for Non-Residents
Many companies, especially international ones, may engage not only citizens but also specialists from various countries around the world who are non-residents of Ukraine. In most cases, domestic companies take on the responsibility of resolving housing issues.
5 min read
Software Acquisition and Hosting Lease
A client asked us how to account for the acquisition of software and payments for hosting. We explain the tax treatment.
6 min read
Sale of Representative Office Assets
Non-residents can open two types of representative offices in Ukraine, and the tax treatment of selling their assets differs. We explain the specifics.
4 min read
24/7 Banking Operations
The National Bank has been considering the possibility of switching the Electronic Payment System (EPS) to 24/7 operation for several years, but recent events indicate that the regulator is gradually moving towards implementing what was planned.
5 min read
Doubtful Accounts Receivable
A client asked us whether a doubtful receivable from a sole proprietor can be written off to expenses. We walk through the accounting and tax implications.
4 min read
Criteria for Classification of Accounts Receivable
In this article, we will try to understand the criteria for classifying accounts receivable for goods (works, services) into current and non-current according to the requirements of Ukrainian National Accounting Standards (NAS).
5 min read
Promotional Product Giveaways: Taxable or Not?
Does giving away promotional products create a tax liability? We answer a client’s question about the tax treatment of promotional giveaways.
3 min read
Foreign Exchange Losses as Expenses
During tax audits, the fiscal service increasingly refuses to recognize negative exchange rate differences as expenses. We look at whether that position holds up.
3 min read
Expense Report in Foreign Currency: Accounting Nuances
In our audit practice, we often encounter the need to verify the correctness of reporting by accountable persons for funds received under accountability (including during foreign business trips).
6 min read
Revaluation of Property, Plant, and Equipment
When accounting for non-current assets, enterprises may encounter a situation where a fixed asset is on the balance sheet, and its initial cost equals the amount of accumulated depreciation.
5 min read
Advertising Campaign Costs
Today, social networks are not only platforms for communication but also a very effective means of promoting any type of product or service.
3 min read
Debt Set-off: Tax Implications
Quite often, companies face certain circumstances that lead to the impossibility of fulfilling contractual terms.
5 min read
Non-Resident Loans: Repatriation Tax Payment
Cooperation with non-residents almost always entails tax consequences for the enterprise.
5 min read
Major Transactions: Key Issues
The rules on major transactions caused the biggest stir among the innovations of the new LLC law. We break down the key issues.
5 min read
New Requirements and Director Liability Under the New LLC Law
The new LLC law brought new requirements for company directors and expanded their liability. We review what changed.
4 min read
Netting in Foreign Trade: Is it Permissible?
Is netting permissible in foreign trade settlements? The National Bank has softened its position — we explain what is now allowed.
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