On 13 May 2020, the Verkhovna Rada of Ukraine adopted the Law Amending the Tax Code of Ukraine and other Laws of Ukraine with a view to Supporting Tax Payers for the Duration of the Measures Implemented to Prevent the Occurrence and Spread of the coronavirus (COVID-19) (the ‘Law’). The Law is expected to be signed by the President and published soon.
This is actually not the first document promulgating measures to support businesses during the quarantine, and the Law extends the tax exemptions not up to a specific date, but mostly for a period tied to a decision of the Cabinet of Ministers to end the quarantine (whenever it may come).
In particular the Law:
This will allow banks to free up some cash, carry out reorganization by merging under a simplified procedure, pay depositors, apply a simplified capitalization procedure, and cease banking activities without liquidation of a legal entity.