Accounting and Tax Compliance services
Get it right and keep it right
Currently, organizations are facing increased pressure to remain compliant in the ever-changing regulatory environment. Functions such as Statutory Accounting and Tax compliance demand dedicated time, resources and a high level of competence.
To ensure compliance, reduce risk and increase efficiency, companies are outsourcing these functions. While outsourcing these functions, companies need to ensure that the team they are outsourcing to is well versed in the latest developments in financial and tax regulations, and with local statutory requirements, which are dynamic in nature.
Our team has profound professional experience in providing accounting services to national and international companies in accordance with national and international accounting standards, as well as in tax accounting support for companies and representations.
How we can help
Managed centrally, our services link our competencies in finance and tax to support the full spectrum of compliance needs. Our suite of services includes:
Accounting compliance services in accordance with Ukrainian accounting standards (UAS) or another financial reporting framework (i.e., IFRS, as required by the law or by the client)
- Maintenance of accounting records in 1C accounting software (version 7 or version 8) based on the client’s source documents in accordance with Ukrainian accounting standards/IFRS
- Preparation of bank payment documents (payment documents are to be signed via the client’s bank by the client company official authorized to sign)
- Drafting of source accounting documents based on information provided by the client
- Processing employee expense reports
- Monitoring and reconciliation of accounts payable/receivable
- Preparation and filing of statutory financial statements prepared in the UAS/IFRS framework
- Preparation and filing of other required reports for the Ministry of Statistics
Tax compliance services in accordance with Ukrainian tax legislation and reporting to the state tax authorities
During provision of services to our outsourcing clients, we practice simultaneous tax and financial accounting recording. This is more effective, as records may be maintained in single accounting software for both financial and tax accounting purposes. We also provide tax compliance services to companies for which we do not perform accounting compliance services.
We prepare and file the following reports:
- Сorporate profit tax (CPT) returns (calculation of taxable income and deductible expenses on a quarterly basis, preparation and submission of CPT returns on an annual basis; this is subject to Tax Code conditions), including facilitation of monthly advance CPT payments (if required by the Tax Code, as subject to certain conditions)
- Monthly VAT returns for VAT payers
- Reports on first registration of a vehicle
- Other tax reports as required by the Tax Code
Payroll calculation and reporting services
- Preparation of monthly payroll calculations and provision of pay slips to employees
- Identification of amounts paid to employees for business trips in excess of established statutory norms (i.e., per diems) as well as other taxable expenses in the hands of employees and subsequent assessment of tax to be withheld from these amounts within the payroll
- Preparation and filing of quarterly 1DF forms (summarizing gross income and tax on individual income) with the state tax authorities
- Preparation and filing of monthly reports on social taxes
Other types of financial reporting in the agreed financial reporting framework
- Financial reporting in compliance with IFRS or US GAAP in the format provided by the client
- Reconciliation and explanation of differences between UAS and IFRS/US GAAP reporting
- Management reporting in accordance with client requirements
Accounting diagnostic services:
- Evaluation of the general organization of the accounting function and methodology of the client’s accounting
- Review (on a selective basis) of availability and quality of the source documents maintained by the client
- Review of the accounting treatment of the client’s major transactions and compliance with UAS/IFRS
Provision of recommendations to improve UAS/IFRS accounting and reporting, if required
We establish an accounting function and accounting system for a client, including:
- Development and implementation of client accounting procedures and policies in accordance with UAS/IFRS:
- Development of an accounting policy in accordance with UAS/IFRS
- Establishment of document and information flow procedures
- Advice on setting up a computer system on the basis of 1C accounting software (version 7.7 or 8.0) in accordance with:
- Client accounting requirements for management accounting purposes
- UAS/IFRS for financial accounting purposes
- Ukrainian tax legislation
- Support of accounting personnel in preparing financial, managerial and tax reporting
Learn how EY can assist in maintenance of accounting records in 1C accounting software in accordance with Ukrainian accounting standards (UAS) or another financial reporting framework (i.e., IFRS) and more.
Please see our Global IFRS site for additional resources, including EY's global IFRS newsletter, IFRS outlook and web based learning modules.
- Phone: +380 44 490 30 00 (Kyiv)
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