On 16 January 2015 the Ukrainian Act concerning amendments to the Tax Code for corporate tax and value added tax (VAT) comprise was published and entered into force the following day. Under the provisions of the Act, taxpayers are allowed to report understated corporate tax and VAT liabilities in regard to transactions effected prior to 1 April 2014, and pay only 5% of the understated amount. The remaining 95% is then deemed to be settled and the taxpayer is relieved of any associated fines and penalties on that amount. The tax compromise also applies to assessments in regard to the...