On March 17 the Verkhovna Rada of Ukraine passed the law № 3220 on support of Ukrainian entrepreneurs during the quarantine.

Briefly about the main ideas of the Law:

Starting from March 1 to April 30:

• all sole proprietors and individual enterpreneurs will not pay the Single Social Security Tax;
• fines and penalties for the late or incomplete payment of the Single Social Security Tax and the late submission of Tax reports are temporarily abolished;
• commercial property and land taxes are abolished as well;
• business representatives will not have to pay major fines and penalties for violation of Tax Law from March 1 to May 31. This rule will not apply to VAT, excise and rent violations.

The mandatory introduction of payment transactions recorders for all categories of “simplified persons” is postponed for 3 months.

A temporary moratorium on new documentary and factual tax audits and the continuation of the initiated ones is being introduced. Changes were made to the moratorium on business tax audits by May 31.

Moreover, there are several bonuses for citizens:

• all citizens will be exempt from fees and penalties for late payment on consumer loans from March 1 to April 30;
• support will be provided for those who has caught coronavirus or is in self-isolation.

The moratorium has been introduced on other types of audits (not including those, which are necessary for preventing spread of coronavirus) by May 31, 2020.