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BasicBusiness and taxes1 min

KVED is the Classification of Economic Activities (DK 009:2010): a list of codes that sole proprietors and companies use to say what they do.

In plain words

When you register as a sole proprietor or a legal entity you state one main and several additional KVED codes, and they go into the state register. The classification is based on the European NACE (Rev. 2). Choose codes that match your real activity: they affect whether a given single tax group suits you (for groups 1 and 2 the permitted activities are limited by the Tax Code), as well as licensing, permits and reporting. After registration you can add or change codes.

Sources

  1. National classifier DK 009:2010 “Classification of Economic Activities” (order No. 457 of 11 October 2010) — DK 009:2010 (as amended (amendments 1 and 2)). Checked 14.10.2026.

Example. A developer who is a sole proprietor registers with the main KVED code 62.01 “Computer programming”. When a new kind of service appears, they add the corresponding additional code.

Related terms

← The whole glossary

Word of the dayCompound interestBasic

Compound interest (capitalisation) means that interest is paid not only on the original amount but also on interest that has already been added.

Example. UAH 1,000 at 10% a year: with simple interest you have UAH 1,100 after a year, and with monthly compounding 1,000 × (1 + 0.10 / 12)^12 ≈ UAH 1,104.71 (an illustrative example).

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