KYIV. Aug 7 (Interfax-Ukraine) – The Cabinet of Ministers of Ukraine has approved the bill on simplifying accounting records developed by the Finance Ministry of Ukraine, according to a post by Deputy Finance Minister Olena Makeyeva on her Facebook page.
“What will this give to companies? A shorter list of requirements for the filling out of primary documentation, less of an accountant’s time is spent on records, [and Ukraine will gain a] higher position in the Doing Business rating,” she said.
The bill states that detailed tax invoices will become a primary document as they confirm business transactions.
The bill suggests imposing European criteria on how companies are classified. In particular, micro-companies are companies with accumulated assets value of up to EUR 350,000, net sales income sales of up to EUR 700,000, and average personnel of 10 people.
Small companies’ assets value should be set at up to EUR 4 million, net income – up to EUR 8 million, number of employees – 50. The figures for medium businesses are as follows, up EUR 20 million of accumulated assists, net income of up to EUR 40 million and up to 250 employees. If these figures are higher, then a company is a large company.
