Tax treatment of tax losses carried forward clarified by the Verkhovna Rada of Ukraine
On 24 May 2012, the Law of Ukraine “On amendments to the Tax Code of Ukraine with regard to the improvement of certain tax provisions” (hereinafter, the “Law”) was passed. Generally, the Law takes effect on 1 July 2012, except for some provisions which are expected to come into force later on. Given that the final version of the Law has not been made publicly available thus far, the information provided herein is based on the draft law prepared for the second reading.
Please find attached a brief overview of major changes to the Tax Code of Ukraine.