Update - Ukraine Draft Tax Code Amendments Include Limit on Loss Carryforwards for Large Taxpayers

As previously reported, Draft Law No. 5600 was submitted in the Ukraine parliament on 2 June 2021, including various amendments to the Tax Code. One of the key amendments for businesses is the introduction of a new limit on the carry forward of net operating losses (negative results).

Under current rules, losses may generally be carried forward indefinitely for offset in future years without limit. The draft amendments would maintain the general provision that pre-tax profits may be reduce…