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Expert opinionsExpert opinions
21 January 2015
Ukrainian Tax Amnesty Program in 2015
With Tax Amnesty Law coming into effect on 17 January 2015, the final details of Ukrainian tax amnesty program have become public.
Taxpayers who turn in and pay a small fraction of additional tax (5%) are entitled to relief from the remaining 95% of tax, as well as from the full amount of penalties and interest and from prosecution on tax evasion against company management.
14 January 2015
Ukrainian Tax Reform in 2015 will affect businesses
Recently adopted Law on Tax Reform introduced important changes to Tax Code coming into effect in 2015. Some minor taxes are cancelled, new taxes on businesses introduced, tax rates increased and tax administration procedures changed significantly for some key taxes.
The main changes are summarized below.
04 December 2014
Extension of restrictions on foreign currency transactions and mandatory sale of foreign currency revenues
The National Bank of Ukraine (the “NBU”) has adopted the resolution No.758 dated 1 December 2014 (the “Resolution 758”) aimed at stabilisation of the situation on Ukrainian FX market and in banking and financial sector. According to the Resolution 758, the NBU has generally extended the restrictions introduced by the NBU in the end of August – beginning of September 2014 (as amended) and aimed at stabilisation of the situation on Ukrainian FX market.
04 December 2014
Anti-corruption legislation: new requirements to business
Verkhovna Rada of Ukraine adopted the Law "On Prevention of Corruption" (the "Law"), which will become effective on April 26, 2015 and will replace the current operating Law "On Prevention and Combating Corruption."
06 November 2014
NBU Introduces Currency Control Specifics for Transactions with Crimean Residents
Effective as of 5 November 2014, the National Bank of Ukraine (the “NBU”) adopted Resolution No. 699 “On application of certain currency control regulations within the period of temporary occupation of Crimean free economic zone” (the “Resolution 699”). In furtherance of FEZ Law1, Resolution 699 implements certain specifics of funds transfers to/from the persons domiciled and or registered within the territory of Crimean free economic zone (the “FEZ”) as well as introduces certain other limitations.
04 November 2014
Ukraine introduces new disclosure and transparency requirements for beneficiaries of local companies and owners of real estate
On November 25, 2014, the recently adopted Law “On Introduction of Changes to Certain Legal Acts of Ukraine Related to Determination of Ultimate Beneficiaries of Legal Entities and Public Figures” (the “Beneficiaries Law”) will come into force.
31 October 2014
UPDATE: Cancellation of Certain Restrictions on Foreign Currency Transactions
The National Bank of Ukraine (the “NBU”) has adopted the Resolution dated 30 October 2014 No. 685 “On introducing certain amendments into the regulations of the National Bank of Ukraine” (the “Resolution 685”). Resolution 685 has withdrawn certain foreign currency restrictions previously introduced by the NBU in Resolution No. 540 dated 29 August 2014 in an attempt to limit outflow of funds from Ukraine.
08 October 2014
Global Data Privacy Directory: Ukrainian Chapter
Ukraine is not a member of the EU so has not implemented the EU Data Protection Directives. However, Ukraine’s national personal data protection legislation is similar to the EU regime.
26 September 2014
Currency Control and Banking Activity on the Territory of Crimea
On 12 August 2014, Verkhovna Rada of Ukraine has adopted the Law No. 1636-VII regulating establishment of Crimean Free Economic Zone and on peculiarities of conduction of business activities on the territory of Crimea (the “Law”). The Law entered into force on 27 September 2014. The Law introduces (i) establishment of Crimean Free Economic Zone (the “FEZ”) envisaging certain benefits and specifics applicable to businesses and individuals in Crimea, including specific regulation of certain banking activities and currency control issues; and (ii) certain restrictions applicable to FEZ within the period defined by the Law as a period of temporary occupation of Crimea (the “TO”), including currency control and banking activities restrictions. Crimean FEZ has been introduced for the period of 10 years and the TO regime exists starting from adoption of the United Nations General Assembly Resolution 68/262 dated 27 March 2014 and ending on the date of cancellation of the aforementioned resolution (unless cancelled earlier by law).
23 September 2014
UPDATE: Restrictions on Foreign Currency Transactions and Mandatory Sale of Foreign Currency Revenues
Effective as of 23 September 2014, the National Bank of Ukraine (the “NBU”) has amended certain restrictions aimed at stabilisation of the situation on Ukrainian foreign exchange market, which were introduced by the NBU in the end of August – beginning of September 2014 and formalised by Resolutions of the NBU no. 515 dated 20 August 2014 (the “Resolution 515”) and no. 540 dated 29 August 2014 (the “Resolution 540”).
10 September 2014
Reformation of Management of Gas Transportation System of Ukraine
On 14 August 2014, Verkhovna Rada of Ukraine has adopted the Law No. 1645-VII “On Amendments to Certain Laws of Ukraine with respect to Reformation of the Management System of the Uniform Gas Transportation System of Ukraine” (the “Law”) which comes into force on 10 September 2014. The Law allows, among other, participation of non-resident legal entities in the management of Uniform gas transportation system of Ukraine (the “GTS”).
08 September 2014
Restrictions on Foreign Currency Transactions and Mandatory Sale of Foreign Currency Revenues
At the end of August – beginning of September 2014 the National Bank of Ukraine (the “NBU”) has adopted new resolutions aimed at stabilisation of the situation on Ukrainian foreign exchange market and in banking and financial sector.
07 August 2014
Significant changes in tax legislation of Ukraine
On 1 August 2014, the President of Ukraine signed the Law of Ukraine № 1621-VII "On Amendments to Tax Code of Ukraine and other legislative acts of Ukraine" (on improvement of certain provisions) (the “Law”). The Law introduces amendments to the Tax Code of Ukraine, laws on national social insurance, the Law of Ukraine "On State Regulation of Production and Turnover of Ethyl Alcohol, Cognac and Fruit spirits, Alcoholic Drinks and Tobacco Products” and other laws.
07 May 2014
Restrictions Regarding Banking Activity in the Territory of the Autonomous Republic of Crimea and the City of Sevastopol
Due to circumstances around the Autonomous Republic of Crimea and the city of Sevastopol which made it impossible for the National Bank of Ukraine (the “NBU”) to carry out banking regulation, currency control and state financial monitoring of the banks’ activities in those regions, with effect as of May 6th, 2014, the NBU imposed a prohibition on conducting of any banking activities in those regions. Such decision was formalised by the Resolution of the Management Board of the NBU No. 260 “On Revocation and Cancellation of Banking Licences and General Licences for Conducting of FX Transactions of Certain Banks and Closure of Banks’ Subdivisions Located in the Territory of the Autonomous Republic of Crimea and of the City of Sevastopol” (the “Resolution 260”).
05 May 2014
UPDATE: Restrictions on Foreign Currency Transactions and Measures Aimed at Stabilising Ukrainian Financial Sector
Effective as of 1 May 2014, the National Bank of Ukraine (the “NBU”) has adopted Resolution No. 245 “On regulation of Activity of Financial Institutions and Carrying out of Foreign Currency Transactions” (the “Resolution 245”) introducing certain restrictions on transactions in foreign currency as well as measures enhancing stability of banking and financial activities. The Resolution 245 cancelled the previous NBU Resolution No. 172 “On Regulation of Activity of Financial Institutions and Carrying out of Foreign Currency Transactions” (the “Resolution 172”) governing the similar issues.
Kyiv
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