Last reviewed - 30 June 2022

Ukraine, located in the heart of Eastern Europe and occupying a land area of 603,700 square kilometers, is the second largest country in Europe after Russia. It is divided into 24 provinces (oblasts) and the Autonomous Republic of Crimea, with Kyiv as its capital and the largest city. Ukrainian is the official language, and the currency is the hryvnia (UAH). Ukraine's population was estimated at 41 million people as of the beginning of 2022.

Despite the ongoing crisis, Ukraine's proximity to both the European Union (EU) and the former USSR Republics, including Russia, Kazakhstan, etc., the sheer quantity of its consumers, and the physical size of the country makes it an opportunity for investments. The country's main asset is its extensive human capital. Ukraine's well-educated workforce provides a competitive advantage.

After rebounding from the 2008/09 financial crisis, with positive gross domestic product (GDP) growth in 2010 to 2013, Ukraine again suffered from a significant decline in GDP in 2014 and 2015. During 2014 to 2016, Ukraine faced a number of significant political, economic, and social problems, which resulted in a contraction of industrial production, a significant devaluation of the national currency, and an outflow of investments.

In 2020-2021, COVID-19 presented significant challenges to people and organisations around the globe. In response to the global effects of COVID-19 on businesses, Ukraine has implemented tax incentives to support its economy, introducing temporary changes to the tax and labor legislation, aimed at mitigating the impact of COVID-19 on Ukrainian businesses and individuals.

As a result of the ongoing confrontation with the Russian Federation, which escalated from 24 February 2022, the territories of Crimea, some territories of, Donetsk and Luhansk regions are currently treated as ‘temporarily occupied’ with a specific legal regime. New territories that are de facto occupied by the Russian Federation as a result of escalation of Russian Federation military invasion may be declared as Temporarily Occupied Territories subject to the decision of the The National Security and Defense Council of Ukraine enacted by the Decree of the President of Ukraine. Active military actions between Ukraine and Russian armies take place in the East and South of Ukraine. The war had significant negative impact on the economy of Ukraine, with expected 30-45% reduction of GDP by various reputable analysts and organizations (eg. World Bank)

Ukraine signed the Association Agreement with the European Union, and it has come into force starting 1 September 2017. Moreover, Ukraine was granted the status of EU Member candidate on 22 June 2022.   Reforms and significant changes in local legislation are needed in order for Ukraine to meet the business standards and principles familiar to the EU investors.

The Ukrainian Tax Code, which took effect in 2011, has already been tested by businesses. It was also amended by legislators a number of times between 2012 and 2022.

At the end of 2021, the Ukrainian Parliament introduced changes to the tax legislation of Ukraine.  Most of them took effect starting from 1 January 2022.

The Customs Code of Ukraine, which took effect in 2012, introduced the provisions of the General Agreement on Tariffs and Trade (GATT), the Kyoto Convention, and World Customs Organisation (WCO) requirements. Currently, the government of Ukraine is working on implementing EU standards in customs legislation (AEO programme, accession to the Convention on Common Transit, protection of intellectual property rights at the moment of importation).

PwC has been present in Ukraine’s market since 1993. Overseen by 20 partners and directors, and employing more than 430 specialists and support staff, PwC operates in Ukraine from its offices in Kyiv, L’viv, and Dnipro.

We rely on our significant experience in the local market, as well as the strength of our international network, to help our clients build value, manage risk, and improve the performance of their businesses in Ukraine. Our goal is to build an iconic professional services firm, always forward looking, because we aim to be the best. We set the standard and we drive the agenda for our profession. PwC Ukraine’s client base includes the largest Ukrainian and multinational companies, as well as government agencies.

Martial law enacted in Ukraine from 24 February 2022

Ukraine became subject to a military aggression of the Russian Federation, which led to the imposition of martial law from 05:30 on 24 February 2022 according to the Decree of the President of Ukraine dated 24 February 2022 № 64/2022 "On the Imposition of Martial Law in Ukraine". The martial law was further extended till 25 August 2022 by a number of the Decrees of the President of Ukraine approved by the Parliament of Ukraine.

The Ukrainian Chamber of Commerce and Industry (the “CCI of Ukraine”) in its Letter dated 28 February 2022 № 2024/02.0-7.1 on the basis of Articles 14 and 14-1 of the Law of Ukraine "On Chambers of Commerce and Industry of Ukraine" of 2 December 1997 № 671/97-VR, the Statute of the CCI of Ukraine has recognised the military aggression of the Russian Federation against Ukraine as force majeure circumstances. The force majeure circumstances in question lasting from 24 February 2022 till their official ending are considered as extraordinary, unavoidable and objective circumstances for business entities under agreements and contracts, certain tax liabilities, the duty of fulfillment of which emerged in accordance with the terms of the agreement/contract and the fulfillment of which became impossible in due time due to such force majeure circumstances.

Generally the Ukrainian state bodies and courts keep functioning. At the same time, according to the recommendations of the Council of Judges of Ukraine as well as certain relevant legislative acts adopted since the start of the war, (i) the work of the court should be determined based on the current situation in the region, (ii) the proceedings and hearings may be postponed by the court (except for urgent trials), (iii) procedural terms shall be extended, if possible, at least until the end of martial law. In addition, access to the Unified State Register of Court Decisions in Ukraine is temporarily suspended.

The Unified State Register of Legal Entities, Private Entrepreneurs and Public Organizations of Ukraine as well as other public registers function in a rather limited mode.

Payments abroad (with certain exceptions) are generally prohibited under the Resolution of the National Bank of Ukraine No. 18 as of 24 February 2022.

More details of the changes related to the introduction of martial law are provided in each respective section.

Changes related to martial law state

Voluntary Simplified tax system (due to martial law)

Tax rate (%)


Return due date

The tax reporting period is the calendar month. The tax return should be submitted within 20 days following the reporting month.

Final payment due date

Taxes payable assessed on the basis of tax returns are due within ten calendar days following the deadline for filing the relevant tax return.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)


Corporate income tax (CIT) due dates
CIT return due date

Quarterly returns are due within 40 calendar days following the last day of the reporting quarter, but the deadline for submitting a fourth quarter CIT returns (on a quarterly reporting period basis) is 60 calendar days after the reporting year end.

Annual returns (on a year reporting period basis) are due within 60 calendar days following the last day of the reporting year.

CIT final payment due date

Taxes payable assessed on the basis of tax returns are due within ten calendar days following the deadline for filing the relevant tax returns.

CIT estimated payment due dates


Personal income tax (PIT) rates
Headline PIT rate (%)


Personal income tax (PIT) due dates
PIT return due date

30 April

PIT final payment due date

31 July

PIT estimated payment due dates


Value-added tax (VAT) rates
Standard VAT rate (%)


Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: NA;

Non-resident: 15 / 15 / 15

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the standard CIT rate of 18%.

Headline individual capital gains tax rate (%)

Taxable as ordinary income.

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)


Inheritance and gift tax rates
Headline inheritance tax rate (%)

Taxable as ordinary income (exemption from taxation under conditions may apply).

Headline gift tax rate (%)

Taxable as ordinary income (exemption from taxation under conditions may apply).

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.