Ukraine has recently issued guidance on substantial changes in its VAT regime. One of the main changes is the introduction of an electronic VAT system.
The electronic VAT administration system is introduced on a test basis and will be made permanent by 1 July 2015. The system includes electronic VAT settlement accounts for each taxpayer and the introduction of electronic invoices to document transactions subject to VAT. Only funds from the taxpayers own bank accounts may be used for the sett…