Taxes are next in our investor's guide to Ukraine. The seventh edition, in collaboration with KPMG Ukraine Gateway, is now out.

It is not the number of taxes that makes Ukraine's system cumbersome. These are the rules and exemptions attached to each. The right concession or incentive in an agreement can be a game changer, especially for large projects.

"Large investment projects - especially those focused on energy efficiency - can access valuable tax incentives, such as the opportunity to import equipment and machinery at reduced or even zero duty," said Sergey Popov, head of tax and legal at KPMG in Ukraine.

Inside the guide: business entities, special tax regimes, hiring, double tax treaties, compliance risks and more.

Illustration: Alina Kovton