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Tax

Taxation of business in Ukraine

Oleksii Khomchak, KNEU

The formation of the tax system in our country began with the adoption on June 25, 1991 of the Law of Ukraine “About Taxation”. This Law defined the principles of construction and purpose of the taxation system, gave a list of taxes, fees, named taxpayers and objects of taxation. Thus, the foundations of the taxation system were laid, the preconditions for its further development were created.

“A tax is an economic category that determines the set of relations between the state and members of society regarding the non-equivalent withdrawal and appropriation of part of the state’s income to perform its functions.”

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Tax

The Benefits of Being a U.S. Virgin Islands Tax Exempt Company

By Steven K. Hardy on October 14, 2016, Posted in Tax & Estate Planning

exemptFor the most part, even though the U.S. Virgin Islands is not a state, most U.S. federal laws apply in the Territory. This includes federal tax law. However, that law is not governed by the Internal Revenue Service. Instead, a separate local tax code called the “mirror system” exists, and it is administered instead by the U.S. Virgin Islands Bureau of Internal Revenue (BIR).

The U.S. Virgin Islands has had authority from Congress for more than 50 years to allow for tax-exempt companies within the territory. Here are just a few of the most significant benefits of such a structure:

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