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The Tax Code gets a Force Majeure clause

The parliament registered a new legislation draft №4502a on amendments to the Tax Code of Ukraine re tax relations in case of force majeure circumstances. In case the draft passes, the Tax Code will incorporate the list of force majeure situatons for bad debt to be simply “forgiven”. In particular, the legislative draft suggests the new regulation of administration processes of tax collection in extraordinary events or circumstances in order to unburden the taxpayers from bureaucratic runaround.

According to the new draft, the taxpayers have a right to write off bad debt following the procedure described in the Tax Code; Art. 101 of the Tax Code will be amended with a list of force majeure situatons for bad debts write-off. In particular, the list contains:

-natural disasters – floodings, fires, earthquakes, hurricanes, storms, ground frosts and hail etc.

-manmade disasters that caused water, electricity, oil-products and gas outage, unconnected to the nonpayment;

-social and political conflicts – armed conflicts, acts of armed aggression, anti-terrorist operations, strikes and riots etc.

The relevant authorities will be providing the supporting documentation upon taxpayer request. The taxpayers who interrupted business activity due to the force majeure circumstances can prolong the time limit for the tax declaration and request for bad debts write-off.


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