president.gov.ua
Ukrainian President Petro Poroshenko has signed the into law the bill amending the Tax Code in terms of taxation of inheritance, to simplify registration of inheritance for second-order heirs, the presidential press service reports.
The law exempts from income tax the inheritance, which is received from a testator by his second-order heirs: siblings, grandmothers, grandfathers, and grandchildren.
Previously, the Tax Code exempted from taxation only a testator's next of kin.
Read alsoUkrainian Parliament simplifies banks’ recapitalization, restructuringThe heirs of the first and second orders are exempt from the need to carry out the assessment of the inherited items for tax purposes.
At the same time, the tax remains at 5% for all other legal successors.
The law enters into force on the day following the day of its publication, and applies to income in the form of inheritance/gift received since January 1, 2017.
As UNIAN reported earlier, the Verkhovna Rada of Ukraine passed the law on amendments to the Tax Code of Ukraine regarding taxation of inheritance on February 23.