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Recent News

Ukraine and Malaysia, double tax treaty

Published: 29/07/2016 | news
Tags:
#Double taxation#Ukraine

Ukraine need to sign agreement about double tax avoidance with Malaysia what will limit tax rate for dividends, interest, and royalties. According to the deal, the tax rate for dividends will be limited to 15 percent. Special rate for 5 percent will be used for dividends taking from company if it has more than 20 percent of whole company capital paying dividends. Interest and income will depend on maximal tax rate in 10 percent and 8 percent agreeably. The agreement project also include contributions about tax information based on standard developed by the Organisation for Economic Cooperation and Development. The agreement will be signed during official visit of Ukrainian President, Petro Poroshenko, to Malasia 3-5 of August, 2016 year. Ukraine hope to make the same deal with Qatar and other countries and to look through acting agreements with Belgium, Great Britain to the end of 2016 year. Author: Sergey Panovmanaging partner Finance Business...

UK revises VAT rules covering insured goods

Published: 15/07/2016 | news
Tags:
#England

The UK Government has tabled the Value Added Tax (place of supply of services: exceptions relating to supplies made to relevant business person) order 2016, which will take effect for supplies on or after October 1, 2016. The change affects repair services following insurance claims which meet the following criteria: the supply is pursuant to a claim made under a contract of insurance, and the supply is made to a relevant business person who is not the person insured. In such circumstances, instead of being taxed in the UK, if the services are effectively used and enjoyed outside the EU, the supply is to be treated as made where it is used and enjoyed. Equally, where a supply of such services would typically be treated as made outside the EU, if the services are effectively used and enjoyed in the UK they will be subject to UK VAT. The change applies in the case of a supply of services consisting of the repair of tangible movable property (such as cars or mobile telephones) where the supply is made in pursuance of a contract of insurance and is made, for example, to the insurer rather than to the insured person. Author: Sergey Panovmanaging partner Finance...

The law on financial restructuring

Published: 29/06/2016 | news
Tags:
#Ukraine

The Supreme Council adopted a law on financial restructuring at June 14. The business community as well as the government agencies (primarily the NBU and the Ministry of Finance of Ukraine) greeted the adoption of this law, because it has a high hopes of resolving the situation with the problem loans and the recovery of the banking system as a whole. Given law establishes a new mechanism of voluntary financial restructuring of debts of enterprises and the resumption of their liquidity. This mechanism provides for the procedure of financial restructuring on the basis of an agreement between the debtor and its creditors. Some skeptics argue that this law duplicates the procedure provided by the law on bankruptcy (the Law of Ukraine "On the resumption of debtor's solvency"), but there are some significant differences between them. For example, the extrajudicial procedure fully stipulated by the law on financial restructuring, while in bankruptcy law describes the procedure "by a court decision." Moreover, the proposed procedure is more flexible on the issue of taking into account the minority interests of creditors. If in the bankruptcy law provided a strict requirement...

Ukraine will provide customs reform

Published: 23/06/2016 | news
Tags:
#Reforms#Ukraine

The efforts of Ukrainian custom will be focused on providing need human and technical resources for creating suitable conditions for business. Prime Minister Volodymyr Groysman talking on conference said that government particularly want to modernize customs technology, create modern systems of monitoring and surveillance, update update customs software and increase access to global databases, and support the personal development of Ukrainian customs officials. The Finance Ministry in May announced that launching an electronic, automated platform from August 1, 2016, to enable controlling bodies and customs offices automatically exchange data on consignments passing Ukrainian borders. The last time Ukraine paying more attention on the system of customs clearance. Finance Minister Natalie Jaresko asked the tax authority to examine all customs declarations released under the IM40EA procedure, to detect violations and system abuse by customs officers in January 2016. Jeresko said that the system of risk assessment systems are not perfect and sometimes enable customs officials to apply the simplified procedure to companies that actually do not have the right to...

Singapore and France, double taxation avoidance agreement enters into force

Published: 08/06/2016 | news
Tags:
#Double taxation#France#Singapore

Ddouble taxation avoidance agreement between this countries entered into force on June 1,2016 Under this agreement tax withholding capped 15 percent in general and 5 percent where the beneficial owners is a companies owned at least 10 percent from all capital of company. Withholding will arise rate of 10 percent. Then, agreement provides that royalties arising in beneficial company will be taxable only in that country.However royalties had getting like award for using or taking rights for using any copyrights of literary or artistic work, including cinematograph films and tapes for television or broadcasting, or for information concerning commercial experience may be taxed in accordance with the law of the country in which they arise. Treaty also includes provisions to prevent treaty abuse. Also exchange tax information between tax administration of both countries. The new provisions of this agreements will be enter into force from January 1, 2017. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Changes in order payment of dividends by joint stock companies

Published: 03/06/2016 | news
Tags:
#Dividends#Ukraine

May 27, 2016 came into force The order payment of dividends by joint stock company, which is approved by the National Commission on securities and stock market from 12.04.2016 number 391. In particular, on the relevant general meeting of shareholders is defined by a specific method of payment of dividends concerning the entire issue of shares - through the depository system of Ukraine or directly to shareholders. Implementation of dividend payments by joint stock company is going through the payment of the entire amount in full or in part, certainly if it is provided by the general meeting of shareholders or the supervisory board of the company. At the same time, in the case of decision-making by the joint stock company to pay dividends to shares, the payment could made proportionally and simultaneously to all persons who are entitled to receive dividends. Regarding the payment of dividends directly to shareholders. Payment of dividends to shareholders who are entitled, namely the transfer of the amounts of funds to all shareholders shall be effected by the transfer of funds to the shareholders during the relevant time and date that does not exceed six...

In Ukraine abolished the order of registration of public investment

Published: 03/06/2016 | news
Tags:
#Investments#Ukraine

31.05.2016 Supreme Rada of Ukraine approved at the plenary session a draft law number 2763 "On amendments to certain Legislative Acts of Ukraine concerning the abolition of mandatory state registration of foreign investments." The main purpose of this draft law is the maximum simplification of the investments order that are extremely important for entering to the Ukrainian market foreign investments. Obligation of such registration additionally made the barriers for doing business in Ukraine. The document is aimed before all at improving the promotion of foreign investments in Ukraine economy by simplifying the procedure of their involvement, including the introduction of application principle of state registration, that is supplying only appropriate forms and timing of statistical reporting of foreign investments which already done. However, achieving this goal is only possible through the abolition of the relevant articles regarding mandatory state registration of investments, including foreign ones. In this way, we can conclude that a draft law number 2763 will allow to attract foreign investments through the elimination of pre-registration, which will...

The Ministry of Finance has improved the procedure of registration of VAT payers

Published: 10/05/2016 | news
Tags:
#Ukraine

Ministry of Finance in his order of March 18, 2016 № 373 made new changes to the Regulations on registration of payers of value added tax approved by order of the Ministry of Finance of Ukraine from 11.14.2014, № 1130 (hereinafter - Regulation number 1130) that is simplified registration procedure for the future VAT payers. It has been established that if individual wants to register itself as a VAT payer then at first it must change the tax system taking into account the provisions of Article 293 of the Tax Code which sets tax rates for payers of the third group of the single tax providing for the payment of value added tax and do not provide the payment of the single tax. So now a VAT payer may indicate a new statement to the supervisory authority desired date of registration which was listed in the previous unaccepted application if eliminated all the shortcomings provided by the Regulation number 1130. In this case, a new application must be submitted no later than 3 working days before the beginning of the tax period when the such person shall be considered as a VAT payer. If a registration application to the supervisory authority is filed in electronic...

Another mitigating of the exchange restrictions on the monetary and foreign exchange markets of Ukraine by the National Bank

Published: 10/05/2016 | news
Tags:
#Investments#NBU#Ukraine

National Bank of Ukraine mitigates previously established restrictions on certain foreign exchange transactions on May 11, 2016. Thus, in the decision NBU number 308 of May 5, 2016 "On amendments to some legal acts of the National Bank of Ukraine" (hereinafter - the "Decree № 308"), it is assumed that now the company does not need to sell in foreign currency received for foreign investment in Ukraine. So this operation does not apply to the requirement for compulsory sale of funds in foreign currency at a rate of 75 percent as it was before. This rule will be in effect until June 8, 2016. Also the Decree number 308 reduced time for operations to reserve funds authorized banks in the national currency and for the transfer of funds in national currency on correspondent accounts of foreign banks from four to three business days. So now inclusive of the June 8, 2016 the National Bank of Ukraine will confirm the information within 3 days that the competent authorized banks in foreign exchange transactions will make the register. Besides this lifted the ban on the purchase of foreign currency funds for the products that had been imported to Ukraine before...

New steps of the deoffshorization in Ukraine

Published: 25/04/2016 | news
Tags:
#De-offshorization#Ukraine

The Verkhovna Rada registered draft law "On the tax sovereignty of Ukraine and offshore companies" № 4380 (hereinafter - the "Project number 4380") and the Draft Law "On Amendments to the Tax Code of Ukraine in connection with the adoption law of Ukraine" About tax sovereignty of Ukraine and offshore companies "» № 4381 (hereinafter - the "project number 4381") on 12 April, 2016. According to the explanatory memorandum to the draft decision number 4380 of this law aims to determine the content of the tax sovereignty of Ukraine, as well as the content of the sovereignty of foreign states. Besides this, lawmakers plan to minimize the use of offshore companies to evade taxes in the territory of Ukraine or to deal with corruption offenses and money laundering from crime, terrorist financing or other socially dangerous criminal offenses, including those committed by politically exposed persons - Ukrainian residents. Also Project number 4380 is assumed a definition of concepts which have not yet been enshrined in the legislation of Ukraine, in particular, "the anonymous company", "anonymous account", "offshore company", "offshore zone", "offshore country" and many...