The Law on cancellation of fines for erroneous payment of taxes comes into force on March 16, 2024

On March 15, Law No. 3603 was published. According to it, taxpayers are given the opportunity to interact with the State Tax Service via video conferencing, and the fine for incorrectly specifying the wrong budget account in payments is canceled. The law comes into force on March 16.

Specifically, the Law provides for:

• Cancelation of liability for the taxpayer's incorrect indication of the wrong budget account in payment documents (provided timely payment is made). However, the condition for confirming these circumstances is the taxpayer's actions specified in Article 43 of the Tax Code of Ukraine regarding the return of incorrectly paid monetary obligations.
• Expansion of cases of interaction between the taxpayer and the supervisory authority via video conferencing (except for the consideration of complaint materials and inspections for mutual agreement procedures).
• Resolving the issue of establishing information exchange between tax authorities and the Central Securities Depository and depository institutions authorized to service accounts of owners of shares in the accounting system of shares of companies.