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 President of the Russian Federation signed the Federal Law on amendments to the Russian personal data legislation on 31 December 2014. This law changes the date of entry into force of recent amendments related to personal data processing in information telecommunication networks to 1 September 2015 instead of 1 September 2016.
KyivPost Legal Quarterly publishes a commentary by Oleg Boichuk on disclosure and transparency requirements for beneficiaries of local companies
The Verkhovna Rada, the nation’s parliament, on Oct. 14 adopted a law that requires Ukrainian companies to disclose their true owners. The move is aimed at fighting corruption as many elected officials and others hide their ownership of companies and fail to disclose conflicts of interest.
Global Trade Review Magazine publishes an interview with Roman Stepanenko on Ukrainian banking sector in need of change
Long-overdue reform of the domestic banking sector is increasingly the objective of the business community in Ukraine, GTR has learnt, as international lenders continue to consider their exposure to risk in a market mired by war and in the midst of currency crisis.
Legal alert: 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.
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 Resolution 685 has withdrawn certain foreign currency restrictions previously introduced by the NBU in Resolution No. 540 dated 29 August 2014 in an attempt to limit outflow of funds from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.
Legal alert: Taxation of the Controlled Foreign Companies (CFC): Revised Draft Bill Submitted to State Duma
On October 22, 2014 a draft law on the taxation of the Controlled Foreign Companies was submitted to the State Duma of the Russian Federation. The Duma’s specialized committees should provide their comments on the draft before November 2, 2014.
Legal alert: 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”).