The most important changes that came into effect on July 1st 2015 are the following:

VAT payers have the right to register tax invoices/corrections to these tax invoices in the Unified Register of tax invoices for the amount of tax calculated according to Article 2001 of the Tax Code of Ukraine.

Automatic increases in the amount of tax for which a taxpayer can register a tax invoice in the Unified Register of tax invoices. It can be increased by the amount of the average monthly amount of tax which the tax payer declared payable to the state and which was covered during the last 12 reporting (tax) months/4 quarters.

Article 120 1 of the Tax Code of Ukraine was added with new penalty statements according to which the violation of a tax invoice registration deadline by up to 15 calendar days will cause a fine amounting to 10% of the VAT mentioned in such tax invoices. These newly added rules are in addition to the current edition of the Article, according to which the breach of registration deadlines by more than 15 calendar days results in penalties from 20 to 40%.

Also please bear in mind that as of 1st of February 2015 to 1st of July 2015 a transition period took place, during which the registration of tax invoices/corrections to these tax invoices was performed without a limitation on the amount of VAT calculated by the formula.