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Ukraine launches world's first virtual business country for creative economy

Christian Fernsby ▼ | September 24, 2020
Ukraine's government has launched Diia City for special digital residency with a particular taxation regime, intellectual property protection and simplified regulations.
Diia City
Ukraine   Diia City
President Volodymyr Zelenskyy urged the Cabinet of Ministers of Ukraine to design the legislation for Diia City the world's first virtual business country for the creative economy.

Topics: Ukraine

Diia City implies a step change in current taxation, enforcement and judicial systems.

Diia City's implementation is conducted by The Ministry of Digital Transformation of Ukraine.

The reform provides for replacing corporate tax by dividends taxation at a 10% rate.

The tax model for employees implies a 5% personal income tax rate.

Diia City management and governance is assumed by Diia City residents themselves.

Development and law adoption in Diia City, as well as the adaptation of tax and labor legislation amendments, are scheduled to be completed by the end of December 2020.


 

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