Tashkent state transport university faculty of Economics research assignment theme: finance of ukraine

Taxation
The organization responsible for tax policy in Ukraine is the State Fiscal Service, operating under the Ministry of Finance of Ukraine. Taxation is legally regulated by the Taxation Code of Ukraine. The calendar year serves as a fiscal year in Ukraine. The most important sources of tax revenue in Ukraine are unified social security contributions, value added tax, individual income tax.
Corporate Income Tax (CIT) is paid by the resident companies, which receive income in Ukraine as well as abroad. CIT is also paid by the non-resident companies, which receive income from Ukrainian sources or conduct their business through permanent representative offices in Ukraine, or by other non-residents who are required to pay CIT in Ukraine.

Direct tax

Individual Income tax - Individual Income Tax is derived from income of Ukrainian citizens and other individuals living in the country. Liability for personal income tax is mainly determined by the criterion of residency. A person who is a tax resident in Ukraine is required to pay personal income tax from their worldwide income, which is also called unlimited liability.

Inheritance and Gift Tax - The rates of inheritance and gift tax in Ukraine depends on tax residency status of testate/giver and inheritor/recipient. In the case of gift tax, there are 4 options. If the recipient is a resident of Ukraine and first civil degree relative of giver, who is also resident of the country, the tax rate is 0%.

Corporate Income Tax - In case of Corporate Income Tax, taxation again depends on residency status. To be considered resident, legal entity must be registered in Ukraine and it must operate under Ukrainian laws.

Real property tax -The property tax is payable by individuals is the same as that which applies to corporations.

Social security contributions - Employers pay monthly unified social security contributions (USSC) equivalent to 22% of the gross salary of each employee, subject to an earnings cap.