On October 1, 2020, the National Bank of Ukraine launched a joint project with the National Bank of Poland and the Bank of Lithuania. This is a Twinning project called "Strengthening the institutional and regulatory...
Read full article...Each employee must be informed of their job responsibilities against a signed receipt. Lack of job descriptions is a violation of labor law. If there is no job description - there was no acquaintance...
Read full article...On August 25th the Ukrainian Parliament approved amendments to "On Amendments to the Law of Ukraine On the State Budget of Ukraine for 2020" initiated by the President of Ukraine Volodymyr Zelenskyy. The amendments include a...
Read full article...The Ministry of Finance of Ukraine published a preliminary schedule for increasing the minimum wages in Ukraine. The schedule is as follows (wages per month): - from September 1 of 2020 it will be increased...
Read full article...Ukraine reopened its airports for international flights on 15.6, and foreigners can once again travel to Ukraine for business and leisure. There are a few requirements in place for arrivals. First of all, they need...
Read full article...On May 23, 2020, the Law of Ukraine “On Amendments to the Tax Code of Ukraine to Improve Tax Administration, Eliminate Technical and Logical Inconsistencies in Tax Legislation” of 16.01.2020 № 466-IX (the somewhat scandalous...
Read full article...The Cabinet of Ministers of Ukraine extended the quarantine until May 11, 2020. The corresponding decision was made at a Government meeting on April 22. At the same time, the government plans to allow the...
Read full article...The following news piece is copied from the Ukrainian government´s official web portal: https://www.kmu.gov.ua/en/news/uryad-zbilshiv-do-3-mln-grn-sumu-kreditu-za-programoyu-dostupni-krediti-5-7-9 The Government has doubled the maximum available loan under the 5-7-9% Available Loans program amounting to UAH 3 million now and...
Read full article...A new version of the Decree "On Prevention of Acute Coronavirus COVID-19 Acute Respiratory Disease in the Territory of Ukraine" was adopted in Ukraine. According to the accepted changes, the following are banned: From April...
Read full article...The Ukrainian government adopted the Law "On Amendments to Certain Legislative Acts to Provide Supplementary Social and Economic Guarantees in Relation to the Distribution of Coronavirus Disease (COVID-2019)" (Bill of 29.03.2020 of No. 3275). Its...
Read full article...As we informed earlier, the Ukrainian government decided to extend the quarantine in Ukraine to 24.4 and introduced a nationwide emergency. The European Business Association in Ukraine conducted a survey to measure businesses´ reaction to...
Read full article...The Cabinet of Ministers of Ukraine extended quarantine in connection with the coronavirus pandemic. The government made this decision during a meeting on Wednesday, March 25, reports RBC-Ukraine. The quarantine has been extended for another...
Read full article...Credit holidays will be given to those enterprises that have stopped, suspended or substantially limited their work, resulting in a loss of income. This was stated by the first deputy head of the NBU, Yekaterina...
Read full article...This was stated by Deputy Head of the National Police of Ukraine Maxim Tsukiridze. Tsukiridze noted that if an employer makes an illegal decision to release an employee during the COVID-19 quarantine, the employee can...
Read full article...On March 17, 2020, the VRU adopted the Law on Amendments to the Tax Code of Ukraine and other laws of Ukraine on support of taxpayers for the period of measures aimed at preventing the...
Read full article...On April 28, 2020, a new Law No. 361-IX of December 6, 2019, which provides for new rules for disclosure of final beneficiaries of legal entities, will enter into force. In case of registration...
Read full article...The European Business Association, the most powerful association of businesses in Ukraine, met with president Volodymyr Zelensky on 13.02.2020. The agenda of issues included talks about the most important directions for business right now, which...
Read full article...The Minister of the Cabinet of Ministers, Dmitry Dubilet comments: "We plan to abolish about 40% of the Gosstat forms that are filled by Ukrainian enterprises. This is the result of an audit we have...
Read full article...The minimum wage in Ukraine has been increased as of January 1st 2020 by 550 UAH, or approx. 22 US dollars. Now the minimum wage stands at 4723 UAH or approx. 190 US dollars. This...
Read full article...The Ministry of Digital Transformation has announced a project of e-residency - electronic citizenship of the country, through which foreigners will be able to conduct business in Ukraine from abroad. If implemented, this project should...
Read full article...Ukraine improved its position by 7 points in the Doing Business 2020 investment attractiveness rating, which is published annually by the World Bank, and ranked 64th out of 190 countries. “Raising Ukraine's ranking in...
Read full article...The purpose of this article is to describe the current visa policy in force in Ukraine. You can refer to this article, if you wish to clarify whether or not you need a visa when...
Read full article...The National Bank of Ukraine (NBU) introduced several currency control restrictions and limitations due to the financial crisis that started in the country in 2013. The restrictions have affected local businesses and citizens, and foreign...
Read full article...The European Business Association of Ukraine just published it´s business outlook for 2020. This outlook is made on the basis of a survey to top managers of European companies in Ukraine, and the goal is...
Read full article...In this article it is described how to establish a business in Ukraine, if you want to find out more on why Ukraine is attractive for opening a company then read more on Business in...
Read full article...Especially in recent years, Ukrainians have been at the top of the lists when it comes to beneficiaries of work permits in European countries. Unfortunately, the situation is not reciprocal for foreigners who would like...
Read full article...The Ukrainian Parliament voted to accept President Poroshenko's degree on Martial Law on the 26th of November. The law is in effect in 10 Ukrainian regions, all of which are along the Russian border. The...
Read full article...Initially IMF's visit to Ukraine in September seemed to produce little results, but now an agreement between the Ukrainian goverment and the IMF has been reached. The main hurdle that was overcome was IMF's requirement...
Read full article...Legislative bodies in Ukraine have been working together with European officials in the past years to reform the country's laws on auditing companies. The new law on auditing was adopted on 1st of October 2018.Currently...
Read full article...The European Business Association has published the results of its survey where it measures investor sentiments among foreign business leaders in Ukraine. Some of the main findings are as follows:- 75 % of leaders have...
Read full article...Ukraine is headed towards presidential elections in March 2019, and parliamentary elections later in the year. Currently, the government needs to fund itself before these elections. Later on in 2018 1,8 billion USD of foreign...
Read full article...Currently the Ukrainian Hryvnia is experiencing seasonal fluctuation. This is considered standard in Ukraine, where the economy is somewhat seasonal in nature. On one hand, the large agribusiness sector's demand for foreign currency goes up...
Read full article...The Estonian Interior Ministry sent for approval draft amendments to the law on foreigners, which will make it easier for some of them to live and work in the country. It is planned to make...
Read full article...July 4, 2018 President Petro Poroshenko signed the law "On Currency and Currency Operations." The law will come into effect seven months after the signature.The next six months will be the transition period during which...
Read full article...Rules of entry to Ukraine for international investors have been amended.The Cabinet of Ministers, by its Resolution No. 171 dated March 14, 2018, amended the rules for issuing visas for entry into Ukraine and transit...
Read full article...The National Bank proposes to grant third parties the right to identify and verify individuals when opening accounts at a bank. On June 13, the National Bank unveiled a draft amendment to the Instruction on...
Read full article...From July 1st, 2018, new rules for rounding up the total amounts of cash payments will be applied in Ukraine.1. The National Bank of Ukraine shall stop issuing coinage with denominations of 1, 2, 5 and...
Read full article...Estonian president Kersti Kaljulaid made an official government visit to Ukraine on 22-24 of May. The visit happens amid increasing economic activity between Ukraine and Estonia. President Poroshenko quoted some statistics at one press conference...
Read full article...From May 25, the General Regulation on Personal Data Protection (GDPR) will come into force on the territory of the European Union. What Ukrainian companies may fall under the new regulations? · ...
Read full article...We are delighted to inform our clients and partners that Leinonen has expanded its coverage of Eastern European markets to include Belarus. Our Minsk office is brand new and fully owned by our parent entity...
Read full article...In April, the tax administration of the Odessa region answered this question in an individual tax consultation. Namely:Individuals entrepreneurs, single tax payers are required to ensure the storage of primary documents, on the basis of...
Read full article...In April, the Republic of Bulgaria was excluded from the list of states (territories) the residents of which are controlled for the purposes of monitoring transfer pricing in Ukraine.The decision was supported by the fact...
Read full article...· The restriction on early repayments of non-resident loans and borrowings in foreign currency for Ukrainian companies has been loosened. From now on resident borrowers can repay loans in FCY, received...
Read full article...The Law on LLC provides many innovations which more concern the rights of participants for introduction of important rules for them in the charter of the company and define not settled processes of corporate management. ...
Read full article...By Regulation № 19 the National Bank of Ukraine eases following administrative restrictions: · From now on companies can pay abroad dividends in FCY for the period up to year 2017 inclusive in...
Read full article...The IT industry is showing positive signals and promises for future Ukrainian economic growth. Some sources are even predicting Ukraine to develop into the Silicon Valley of Europe. In this article, we would like to...
Read full article...Minimum wage per month in 2018 is UAH 3723 (approx. EUR 115) The minimum monthly living wage for able-bodied person: · from 1 January 2017 – UAH 1762;· ...
Read full article...The National Bank of Ukraine has simplified the procedure for opening and maintaining accounts of the bank’s client and carrying out non-cash settlements. The most interesting changes for business are as follows: · ...
Read full article...Salary to be paid to foreign employee as a requirement for obtaining a permit has been changed. Their minimum amounts are as follows: 5 minimum wages (approximately EUR 515) - for foreign hired employees in...
Read full article...As before, the NBU, in line with the New currency regulation concept focuses its efforts on removing obstacles to foreign economic transactions and inflows of foreign direct investment.● First, the NBU has repealed a provision...
Read full article...Company stamps will no longer be a mandatory requisite of any document submitted to the authorities. Copy considered certified if such copies bear the authorized signature of the entity or individual entrepreneur's signature.The public authority...
Read full article...Penalties and their amounts at a closer glance: UAH 320,000.00 = EUR 11208.00 The penalty has been envisaged for a refusal to allow a state labor inspector to audit an enterprise with the purpose of:seeking...
Read full article...To promote export activities of Ukrainian enterprises and to boost economic growth NBU moves ahead with gradual easing of temporary restrictions on currency exchange, from now only 50% of legal entities’ export proceeds are subject...
Read full article...Starting April 1, the Government Introduces New Visa Rules for Entry into Ukraine Unified, clear and transparent Ukrainian visa processing proceduresIn particular, the introduced innovations include: - a visa application can now be filed online...
Read full article...Norway has significant role in Group’s strategy, as it is an interesting market area for companies in Finland, as well as companies in other areas where Leinonen Group operates. Also Norwegian companies strive for growth...
Read full article...Almost half of all complaints came from Kyiv. The majority of complaints were lodged by small and medium local businesses. Most active industries were wholesalers, manufacturers, agriculture market players, individual entrepreneurs and representatives of the real...
Read full article...Tax ManagementThe changes in definition: large taxpayers are enterprises whose income from all their activities is UAH 1 billion and total amount of payments paid to the State budget of Ukraine is UAH 20 million.Publication...
Read full article...The law is simplifying the procedures for concluding foreign trade agreements (contracts), as well as accounting and financial reporting and abolishing of exchange controls for transactions with export of works (services) and intellectual property rights....
Read full article...To register a NGO/NPO, the organization must meet following requirements: 1. The organization shall be established and registered in accordance with the procedure ratified by the law, which regulates the activities of non-profit organizations; 2....
Read full article...First of all, besides a transparent and well-functioning legislating, Estonia has an investment friendly taxation system. To open a company the share capital shall be a minimum 2,500 EUR, however there is a possibility to...
Read full article...On 11th of July, Canada's Prime Minister Trudeau, Ukraine’s President Poroshenko and Prime Minister Groysman witnessed the signing of the milestone Canada-Ukraine Free Trade Agreement (CUFTA), which will open our markets to products, grow our...
Read full article...This decision was realised by the NBU in board № 342 from 07.06.2016 "The settlement of situation on money-and-credit and currency markets of Ukraine", that came into force on June 9 and will operate until...
Read full article...How do you describe the current business environment in the country? Are any new tax rate or legislation changes influencing it? If so, how? After long time and numerous discussions over several versions of the...
Read full article...What the Legal Ombudsman Will Do for the Rule of Law in Ukrainian CourtsThe Legal Ombudsman proposal will fight injustice in Ukrainian courts by appointing an eminent jurist of established integrity to authoritatively review court...
Read full article...From September 01, 2013 the Tax Code of Ukraine was supplemented by new definitions: transfer price, controlled transaction; new criteria for determination and fine system appeared. During 2014 and 2015 the Tax Code of Ukraine...
Read full article...Suspicious transactions are those that do not correspond to legitimate financial conditions and statements or which involve persons related to terrorist activity or for which international sanctions are applied. Also, in accordance with NBU Resolution...
Read full article...Below here you can find information of most significant changes:Tax reform in Ukraine 2016 Tax Category Tax Rate Company income tax 18 % Personal income tax (PIT) 18 %, 15 %, 5 %, 0 %...
Read full article...A reminder. The regulation that was introduced by the Law of 12.28.2014, № 73-VIII temporarily for 12 months, and operated from February 26, 2015.The rate of the additional import duties determined according to the class...
Read full article...At the same time the free trade regime will continue for two years to apply preferential Generalized System of Preferences (GSP) rate, which Ukraine has been using for many years, with exports to EU member...
Read full article...The protocol was signed by Ukraine 27 November 2014 in Geneva, and provides for the inclusion in Annex 1A of the Marrakesh Agreement Establishing the World Trade Organization Agreement on Trade Facilitation.Ratification of the Protocol...
Read full article...This delegation was led by the former Estonian Minister of Foreign Affairs Mr. Urmas Paet who is currently a member of the European Parliament. During the Estonian –Ukrainian Business Forum which was arranged in Kiev...
Read full article...NBU is: - increasing the limits for issuing cash in foreign currency and precious metals from customer’s bank accounts from 15 000 to 20 000 UAH per day. This is aimed at restoring confidence in...
Read full article...“As a result of recent meetings with representatives of the National Bank of Ukraine, the Ministry of Finance and the WTO, there is a consensus to cancel the additional import collection from 1 January 2016,...
Read full article...Foundation and Registration In Ukraine, a company may be founded by Ukrainian and/or foreign legal entities, individual citizens as well as foreign citizens and individuals without citizenship. A company acquires the status of a legal...
Read full article...“The Ukrainian economy remains fragile, but there are encouraging signs. In recent months, the exchange rate has stabilized, retail deposits in the national currency increased, the pace of economic decline is slowing. Prudent policies and...
Read full article..."The SFS introduces a new institution - the Commissioner for Enterprise, the so-called business ombudsman. This is our own initiative, we have been working hard for the last 5-6 weeks in order to enhance and...
Read full article...Below you will find a brief overview of the most significant points. The final abolition of controls on VAT The wording of the Tax Code of Ukraine (TCU) has been clarified to avoid ambiguous interpretation...
Read full article...Pursuant to Resolution 409, Ukrainian borrowers are now entitled to pay additional fee for extension of maturity of their foreign loans (the “Extension Fee”) which may exceed applicable maximum interest rate (the “MIR”) requirements1 ,...
Read full article...The most important changes that came into effect on July 1st 2015 are the following:VAT payers have the right to register tax invoices/corrections to these tax invoices in the Unified Register of tax invoices for...
Read full article...From this date suitably authorised banks are permitted to purchase foreign currency on behalf of foreign investors to increase their investment capital in an amount equal to but not greater than their current foreign exchange...
Read full article...In particular this law is expected to increase the level of investor protection through:- the introduction of derivative action (minority shareholders' right to sue for damages in the public interest);- the introduction of accountability for...
Read full article...http://www.wsj.com/article_email/ukraine-central-bank-raises-key-rate-to-30-1425384324-lMyQjAxMTE1NzA1NDEwMDQ4Wj
Read full article...It was announced that the rate of additional import charges will be determined by the class of goods according to UKT VED, including: 10% - for product group classification 1-24 UKT VED. These groups include...
Read full article...The relevant regulatory requirements are set out in a letter dated 02.26.2015, reference № 28-211 / 12780. As noted in the letter, to prevent the unrestricted outflow of capital abroad, the National Bank of Ukraine...
Read full article...We also talked about new land and property taxation issues and important highlights related the new, drafted Labour Code. One of the high point of our seminar was presentation which introduced and explained questions connected...
Read full article...The maximum property tax rate for 1 m2 of total area of residential and non-residential property for natural and legal entities established in the amount not exceeding 2% of the minimum wage per year which,...
Read full article...Electronic tax invoices The electronic VAT administration entails the abolition of paper tax invoices. From January 1, 2015 the registration of tax invoices will be implemented only in electronic form, and all tax invoices should...
Read full article...Ukraine is currently facing challenging times to establish peace in the Eastern Ukraine as well as to endeavor its way to European Union. Newly elected parliament, Verkhovna Rada is working in it full power to...
Read full article...There are five groups of data for establishing the VAT specified criteria: 1) VAT payers who are not in bankruptcy court proceedings under the Law of Ukraine "On insolvency of the debtor or bankruptcy"; 2)...
Read full article...The prerequisite for applying this zero rate of tax is the existence of a customs declaration from the appropriate department which carries out registration of export of goods into the territory of FEZ "Crimea" of...
Read full article...1) to reduce the share of public sector spending in GDP by 10% (2015 - 2016); 2) to reduce the level of taxes from 22% to 9% (I quarter 2015); 3) to combine tax and...
Read full article...The Act provides, among other things, free access to the state land registry of real rights on property. For individuals and legal entities information regarding property rights may be provided in either electronic or paper...
Read full article...In particular, regarding payments for import transactions without the import of goods to Ukraine and payments for import contracts under which the product has been imported to Ukraine and customs clearance declaration has exceeded 180...
Read full article...Businesses who are registered to pay VAT will have an account opened within this new system commencing in 2015, to this end the Financial Service Authority will send a schedule of registered businesses liable for...
Read full article...Restrictions for foreign currency transactions Since September 2, 2014 the National Bank of Ukraine (hereinafter – “the NBU”) by its Resolution No.540 dated August 29, 2014 has introduced a number of measures to promote strengthening...
Read full article...This special edition of the Kyiv Post, published on 31st of October in cooperation with Leinonen Ukraine, provided a good overview of Finnish businesses operating in Ukraine, an overview of Finnish- Ukrainian cooperation and most importantly...
Read full article...namely, 2 provisions introduced by NBU Resolution No.591. Thus NBU cancelled temporary restrictions on: · transactions in foreign currency of import operations without the importation of goods into the territory of Ukraine and · payments...
Read full article...Our new office can be found on the following address: LEINONEN UKRAINE Іgorіvska 1/8, 04070, Kiev, Ukraine Tel. +380 44 201 91 92 ТОВ «Лейнонен Україна» вул. Ігорівська, буд.1/8,04070, м.Київ, Україна тел. +380 44 201 91...
Read full article...Further Restrictions on Foreign Currency Transactions The NBU has restricted carrying out of the following money transfers out of Ukraine:* transfers by foreign investors of funds obtained as a result of OTC sale of Ukrainian...
Read full article...Based on the amendment the following changes are envisaged: - to abolish income tax rebates to hotel businesses and electrical generation businesses except those that produce electricity from green energy sources; - to limit favourable income tax...
Read full article...The requirement according to which the authorized banks carried out the mandatory sale of foreign currency which is coming to individuals (residents and nonresidents) in an amount equal to or greater than the equivalent of...
Read full article...For our Kiev office we are currently looking for a deputy chief accountant: Responsibilities:Maintenance of the accounting records of Clients in accordance with Ukrainian Legislation Preparation and submission of Clients VAT returns and tax returns...
Read full article...The current Regulation follows Regulation No. 245 which was in effect till 1 June 2014 and imposed restrictions on prepaying loans under loan agreements with non-residents and carrying out transfers for non-commercial operations. Banks in...
Read full article...Leinonen Ukraine is happy to announce that as of 6th of May 2014, a new Managing Director, Hannele Tilk, has taken over the responsibilities from her predecessor Leila Olaleye. You will find Leinonen Ukraine to...
Read full article...1) reduction of payment terms on exports and imports of goods from 180 to 90 days; 2) the introduction of a compulsory requirement of sale in the interbank currency market of Ukraine, which concerns: -...
Read full article...The law provides: - cancellation of the registration fee for carrying out state registration of legal entity and private entrepreneur;- implementation of state registration of legal entities and private entrepreneur in electronic form without requiring the...
Read full article...The process will be easier:In particular, the amount of documents that is given by an employer decreases from 15 to 8, and the term of their consideration diminishes at State Employment Service from 30 to...
Read full article...VAT. From 01.01.2013 until 01.01.2023, the operations are exempt from VAT in 20% for the supply of software products, which includes: The result of computer programming such as the operating system, system, application, entertainment or educational computer...
Read full article...Note: It is necessary to show your passport to exchange currency in Ukraine.Source: Liga.net
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