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    Lawyer's Blogs

    Compensation to individuals for damage caused by the abuse of the financial services industry

    Published:   23.11.2016 |
    Tags:
    #Legislation

    Began operating a law on compensation to individuals for damage caused abuse in financial servicesOn November 18 it was officially published, and on November 19 the Law of Ukraine came into force "About introduction of amendments to some laws of Ukraine concerning compensation to physical persons, through system of guaranteeing household deposits, the harm done by abuses in the sphere of banking and other financial services", in consequence of that in some way were changed the "rules of the game" in the field of guaranteeing deposits of individuals. The main innovation is equating with a contribution of loans and household deposits in the non-bank financial institutions performed through bank which acted as the attorney under the relevant agreement and and on the date of entry into force of the Law it is recognized as insolvent. An obligatory condition for the acceptance of such funds contribution and the physical persons which performed their placement / provision – investors, is lack of the written prevention of the bank signed by the investor that the guarantees provided by the law on system of guaranteeing household deposits don't extend to these means. In practice, this...

    Income tax and VAT on receiving the bonus in monetary form from non-resident supplier

    Published:   18.11.2016 |
    Tags:
    #Taxation#VAT

    In the letter of 28.10.2016 State Fiscal Service of Ukraine has provided clarification regarding taxation of receiving bonus in monetary form from the supplier on the basis of non-resident credit note (the settlement document which contains the message which goes the supplier to the buyer about record on credit of the account of the last certain amount in connection with approach of a circumstance which created a right of claim of such amount for buyer). This explanation is proved by numerous requests from representatives of both small, and large business in a consequence of lack clearly defined by the legislation rules governing this sector of relationships. Concerning the taxation on profit it should be noted the following. So, according to provisions of the Tax Code of Ukraine (further – the Code) the object of taxation on income tax is a profit with an origin source from Ukraine and abroad, which is determined by adjusting (increase or decrease) a financial result to the taxation (profit or loss), determined in the financial reporting of the entity in according to national provisions (standards) of financial accounting or international accounting standards, on the...

    The tax residency

    Published:   04.11.2016 |
    Tags:
    #Tax reporting#Ukraine

    Against the background of the active introduction of more and more countries, the automatic exchange of financial accounting information provided by the multilateral agreement of the competent authorities ("The Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information", abbr. "MCAA") becomes apparent inevitability of joining in the near future Ukraine's this agreement. Recall that the MCAA involves automatic annual exchange of information on the accounts of non-residents between the competent (tax) authorities of countries that have signed the agreement. This fundamental question is the definition of tax residence of the account holder, as the information about it will be sent to the competent tax authorities of the country, the tax which he is a resident. Tax residency financial institution is determined primarily through independent determination of the account holder, on the basis of the information specified in the documentation to open an account. If the account holder declares the absence of residence for tax purposes, the financial institution determines its residency at the main office location. It is important to understand that...

    Amendments to the intellectual property regime in the Republic of Cyprus

    Published:   26.10.2016 | Без категории

    October 14, 2016 in order to bring legislation into line with the BEPS requirements (plan to counter the erosion of the tax base and output gains from taxation), the Government of the Republic of Cyprus passed a law that introduces a number of amendments to existing intellectual property regime (hereinafter - the EC). These amendments to the IP regime came into force on 07.01.2016 year. It should be noted that until now existed in Cyprus IP regime has not been approved by the majority of EU member states, as well as been widely criticized. So, focus on the main points of the IP regime change which, in our view, require attention. First, once it is worth to note that the tax rate for the use of intellectual property (hereinafter - IS) unchanged at 2.5%. To determine the qualifying EC introduced a modified factor relation criterion (modified nexus approach). According to this criterion, the definition of qualifying IP narrowed. This factor suggests a link between the cost of the development of IP, most IP and income produced by the IP data objects. In this approach, the taxpayer must itself carry out research and development work (hereinafter - R & D). In addition, a special formula...

    Regulation of Forex broker activities in the EU

    Published:   25.10.2016 |
    Tags:
    #EU#Licensing

    Obtaining permission to conduct Forex activity on the territory of EU Member States is governed by Directive 2014/65 / EC, which is also called MiFID2, since it is the new version of the Directive "On the Financial Instruments Market" 2004/39 / EC (MiFID), and is a legal basis of a single regulated market of financial instruments in the EU. This means that the rules laid down in this Directive are mandatory for the twenty-eight member countries of the EU and the three countries of the European Economic Area. First MiFID2 establishes the basic requirements for the operation of investment companies (investment companies under the Directive refers to and including financial brokers, so we will hereafter call them so) and the conditions for obtaining a permit for their activities in the EU. It is assumed that each Member State should adopt national legislation in accordance MiFID2 requirements, the provisions of which may not be more stringent than the provisions of the basic directive. However, MiFID2 also regulates the procedure of interaction of controlling the market in every European country, both among themselves and with the European specialized authorities (ESMA - the European...

    Planned new amendments to the IRC

    Published:   03.10.2016 |
    Tags:
    #Taxation

    What to expect from the bill on amendments to the IRC of Ukraine Ministry of Finance 23/09/2016 on the official website has once again published a preliminary version of the draft law envisaging amendments to the Internal Revenue Code of Ukraine (hereinafter - IRC), with the aim of public discussion. These changes in the Ministry of Finance published the IRC is not the first time, subject to adjustment several times and will likely still remain unchanged, but the latest version of their merit. Changes in the IRC have been developed within the framework of the reform of the tax system as a whole, as well as the reform of the State Fiscal Service of Ukraine, which take place on the basis of the Cabinet of Ministers of Ukraine # 418-r dated 27.05.2016 year. The main goal of changes in the IRC is to improve the investment climate in Ukraine by simplifying the tax system and tax administration. In addition, it is expected that these changes will affect economic growth, attract new investment and create new jobs. Next, we see more focus on specific parts of the Tax Code of Ukraine, in which it is planned to make changes, namely: Such changes are expected in the part of the...

    Future changes in the Convention between Ukraine and Cyprus on avoidance of double taxation

    Published:   29.09.2016 |
    Tags:
    #Double taxation

    The Ukrainian parliament is currently being finalized for submission to the discussion of the draft law on ratification of the Protocol amending the Convention between the Government of Ukraine and the Government of the Republic of Cyprus for the avoidance of double taxation and prevention of tax evasion on income tax. This Protocol provides for changes in the taxation of dividends, interest on loans, as well as the alienation of the property income. With regard to dividends, the top rate will be reduced from 15 to 10%. But lower tax rate - 5% survive only if ownership of at least 20% of the capital of a legal entity. But how exactly a person - remains a mystery, as in the original text of the Protocol stated "Partnership About", ie the "Partnership", while the bill "Partnership About" translated as "Society". As such, this provision leaves room for corruption because it allows you to abuse the tax authority in determining the rate that must be applied by the payer. The rate of taxation of interest on loans increased from 2% to 5%. Changes are also proposed concerning the taxation of income from the alienation of shares and corporate rights. Unfortunately, due to the incorrect...

    A new procedure of registration of documents for travel of Ukrainian citizens abroad for permanent residence

    Published:   28.09.2016 |

    On October 1, 2016 shall come into effect a new "Procedure for the production of applications for registration of documents for traveling of Ukrainian citizens abroad for permanent residence", approved by order of the Ministry of Interior from №816 16.08.2016g. (Hereinafter - the Order), which defines the procedure for receiving and reviewing applications, making of them, as well as the execution of decisions taken. This document has been designed "On Amendments to Certain Legislative Acts of Ukraine regarding the documents that prove citizenship of Ukraine, of identity or her special status to liberalize the EU visa regime for Ukraine" on demand received two months earlier, the Law of Ukraine, which also come into force on October 1, and will replace the old order of 2004. In accordance with the new procedure, the application for registration of documents for traveling abroad for permanent residence is served in the territorial division of the State Migration Service at the place of registration of the person in Ukraine to the head of the territorial body of the GMR. Persons under 16 years of serving the application in person (in duplicate), and on behalf of persons who...

    About one-off declaration of individuals’ assets

    Published:   27.09.2016 | blog
    Tags:
    #Asset Management#Ukraine

    All sensational ideas and discussions about the "tax amnesty shadow of assets" or "legalization of income of dubious origin" embodied in the Tax Committee developed ASU bill "On Amendments to the Tax Code of Ukraine and other legislative acts of Ukraine concerning the single declaration of assets of individuals." The draft law MPs are planning to introduce the procedure of single declaration, which envisages the voluntary submission by resident individuals Ukraine in the period from 01 October to 31 December 2016 the information to the tax authorities of its assets (cash, securities, precious metals, real estate and construction in progress , vehicles, aircraft and watercraft, valuable personal property, corporate law, financial instruments, the right to property benefit, other property rights and intangible assets) without specifying their cost and sources of origin. Will be declared as assets under joint ownership, as well as those owned by the other person, manages assets for the benefit of the subject of the declaration. Finish with a single declaration of payment of the amount of tax liability, independently determined in a one-time declaration (such an obligation shall be...

    NBU put on hold issuance of induvidaul licency to private individuals

    Published:   21.09.2016 | Без категории
    Tags:
    #Licensing#NBU

    Resolution of the Board of the National Bank of Ukraine №386 from 14.09.2016 year (here and after - the National Bank Ordinance) was suspended issuance of individual foreign exchange licenses to individuals. This measure was introduced in order to significantly reduce the capital outflow from Ukraine. National Bank of Ukraine said that overseas investment is unproductive and negative impact on the economy as a whole. Thus, in accordance with paragraph 7 of the Resolution of the NBU, "Individuals are prohibited to carry out transactions in cash on the basis of the National Bank of Ukraine of individual licenses." However, there is an exception to the above, namely, the prohibition does not apply to the operations that are carried out on the basis of individual licenses issued before the entry into force of the Regulation of the NBU. Also, the Resolution of the NBU has been extended a ban on purchases and transfer of foreign currency, which were held on the basis of the availability of individual licenses of the National Bank of Ukraine, except for such cases as: a) placement of legal entities of currency values on accounts outside Ukraine; b) execution of a resident guarantor...