Tax legislation in 2024 – the main innovations

Rate this post

Starting from 2024, several changes will take place in the tax legislation, in particular:

  • A new VAT exemption condition will come into force.

At this rate, the average monthly amount of payments to individuals under the insurance premium for the previous year should not be lower than the average monthly salary in the region. Presumably, this innovation should create special conditions for the “whitewashing” of some industries by reducing the use of VAT exemption schemes.

  • From April 1, 2024, the tax authorities will be given additional powers.

Tax authorities will be able to take interim measures based on the actual property that is known about. This measure is aimed at combating schemes to conceal payers of their property.

  • A law has been adopted on the suspension of double taxation agreements.

The law will become effective on December 30 and will last until the sanctions are lifted. The suspension affected a few points of agreements with unfriendly countries such as Poland, the United States, Great Britain, etc.

  • Starting from January 1, the procedure for granting social deductions is changing.

Now an organization or a sole proprietor providing services can independently provide tax documents, and the tax service will place the documents in the personal account. So, it is supposed to reduce the average period of personal income tax refund in a simplified manner.