TAX Alert: Changes related to the retention periods of primary documentation

Law of Ukraine "On amendments to the Tax Code of Ukraine on implementation of the International Standard for Automatic Exchange of Financial Account Information" No. 2970-IX entered into force on April 28, 2023.

The Law amended the provisions of the Tax Code, which defined retention period of primary documentation and established the following retention periods:

• 5 years for primary documentation, accounting registers, financial statements, other documents related to calculation and payment of taxes and fees;
• 3 years for secondary documentation.

The retention period shall be calculated as follows:

• from the date of submission of tax reports or other reports, for which the documents are used;
• in case of non-reporting, from the stipulated deadline for submission of such reports and documents.

If you have any questions regarding novations and perspectives of tax legislation in Ukraine, please contact Vitalii Savchuk, partner with Legal Alliance law firm and the head of tax practice.