Payroll in Ukraine- A brief discussion

Understanding the payroll system in Ukraine can be a bit complicated. It witnessed various political and societal issues in the past years. However, they still have a promising future when it comes to UkrainePayroll. 

 

Right now, Ukraine enjoys a strong relationship with European and North American countries. For that reason, they are gaining momentum in the economy. If you plan to establish a business in Ukraine, look nowhere else. Here, we will discuss that. You should know that starting your business in Ukraine can be a bit complicated. 

 


Some facts that you should know on Ukraine outstaffing

 

Before you start your business in Ukraine, you should know about its payrolls. We will share some facts, which will help you to perceive this matter. 

 

Starting a business

 

We already mentioned that starting a business in Ukraine can be an entangled process. You may have to face some corruption. Besides, they change their legislation frequently. Thus, we would suggest you take help from the experts. They will make you understand everything, including outstaffing Ukraine. Make sure that you have to use considerable time and resources to set up a business. 

 

Considerations of employment

 

Under Ukrainian law, you need labor agreements or contracts. For instance, if you are thinking of providing accountingoutsourcing services, you have to opt for labor contracts. Nevertheless, one of the best parts of Ukraine is that they give the same right to non-residents. For that, you will need a work permit along with a residence permit, which the Ukrainian residents don't need. You should also know that the maximum working time in Ukraine is 40 hours/week. 

 

Social security and tax

 

There are some facts about tax that you should know before you start your business. Here are the tax amounts. 

 

● Income tax- 18%

● Corporate tax- 18%

● VAT- 20%

● Military tax- 1.5%

 

When it comes to tax, non-residents have to pay the same amount of tax. However, you may get an exemption if you export goods from Ukraine. While checking the employment record in Ukraine, you should know that the tax reporting year follows the financial year. You have to make the tax returns within 40 calendar days. 

 

Bonuses and compensation

 

If you terminate one of your permanent employees, you have to provide them with a notice period of two weeks. Similarly, the notice period will be two months if you terminate someone for restructuring or financial reasons. 

 

So, here are almost all the significant factors that you should know before trying your hands in business in Ukraine. You can take the help of QuickBooks Ukraine as it will help you in the accounts section. You can save some bucks and time if you use QuickBooks.  

 

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