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Tag: #Currency control

Transfer of Money from Offshore Companies: Why You Should Think about Your Offshore Investments

Published: Viacheslav Ivanenko | 10/07/2018 | blog

The tax authorities of our country (and not only ours) have been trying not for the first year to prove that it is not necessary to work with offshore companies. But business representatives continue to use them for their offshore investments. In this material, let’s talk about the reasons for this “love” and the current trends in the use of offshore companies. Is it legitimate to use offshore structures? Legislation of Ukraine does not prohibit the use of offshore companies. Of course, we are not talking about the situations where taxes are not paid at all (aggressive tax planning). The settlements with partners from offshore companies will undoubtedly cause questions from the tax service. But, we repeat, there is no ban on this kind of transaction. Schemes of work with the use of offshore structures Let’s pay attention to offshore schemes, which have proved to be the most widespread. Let's start with trading schemes. [InsertImageLightGallery path='/wp-content/uploads/2018/07/scheme3.jpg' root='0'] The practical benefit of using this kind of schemes is in a variety of options for optimizing income tax, VAT and customs-related payments in the Ukrainian company....

NBU Has Mitigated Conditions for Business for Selling Foreign Currency

Published: Dmitriy Batrakov | 29/01/2018 | news

The National Bank of Ukraine has simplified the conditions for the sale of foreign currency by the clients of the banks in the interbank foreign exchange market. The amendments to the legislation are enshrined in the NBU Resolution No.7 of January 25, 2018 “On Amending certain normative legal acts of the National Bank of Ukraine” and entered into force on January 27, 2018. The innovations provide mainly the following: Clear definition of the client’s right to apply for the sale of foreign currency to any authorized bank by his choice (regardless of the availability of a current account in foreign currency in this bank). Clarification of the terms of sale of foreign currency of the clients by the bank. We remind that an authorized bank is required by proxy of the client to sell its own funds in foreign currency no later than 5 banking days, starting from the day of writing off these funds from the client’s current account. The NBU clarified that in case of transfer of funds for sale by the client from another authorized bank, the sale of this currency is carried out within 5 days from the date of transfer of these funds to the correspondent account of the authorized...