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About one-off declaration of individuals’ assets

Published: 27.09.2016 |

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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

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#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...

The EU continues to fight against tax evasion

Published: 06.09.2016 | Без категории

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#EU #Taxation

July 12, 2016 the Council of the European Union adopted Directive №2016 / 1164 against tax evasion (hereinafter - the Directive), which entered into force on 8 August 2016. This Directive is one of the components of the package of measures which was proposed by the European Commission within the framework of the so-called Plan BEPS (Action Plan erosion of the tax base and the withdrawal of income from the tax). The main purpose of the Directive is the fight against the schemes of tax evasion, which are used by many companies due to differences between the tax systems of the Member States of the European Union (hereinafter - EU). It should be noted that the Directive applies to all corporate tax payers in the territory of the Member States, including their subsidiaries located in third countries Next, we will focus on the basic methods of combating tax evasion: a) rules on controlled foreign companies (Controlled Foreign Company Rules - CFC). These rules allow tax authorities to charge taxes on undistributed earnings of foreign companies controlled by residents of EU countries. Thus, all EU member states will now have the authority to tax income, which was relocated to...

Accepted the order for identifying the banks risk operations

Published: 29.08.2016 |

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#Banks #NBU

National Bank of Ukraine has established an order for identifying the banks risk operations From the first in September 2016 comes into force, established by the Board of the National Bank of Ukraine №369 from 15.08.2016, the order of the document analysis and verification by banks (information) on financial transactions and their participants (hereafter - the Order). In particular, the list of indicators of risk operations, as well as change some existing ones. Just would like to draw your attention that prior to the adoption of the above order, the identification of risk transactions were settled a few officials of the National Bank of Ukraine letters. This Procedure adopted in order to prevent the commission of risky activities by banks, threatening the interests of depositors or other creditors of the bank and increase the effectiveness of risk management. It should be noted that the provisions of the Order are binding on all banks in Ukraine, as well as all the branches of foreign banks in Ukraine. On the basis of the provisions of the Order, any bank is obliged to provide a comprehensive analysis and verification of documents (information) on financial transactions...

The liberalization of the requirements of the NBU continues

Published: 26.08.2016 |

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#NBU

In August 2016 the Board of the National Bank of Ukraine has taken a number of decisions, which are quite important. In particular, significant changes have touched: the procedure for the exchange of currency, lending practices by non-residents and residents of the order of transfer of funds, both in national and in foreign currency to non-residents. Next, we will focus in more detail on each of the following changes. Currency exchange An important and fundamental change, published 03.08.2015, the Instruction on the organization of currency exchange operations in the territory of Ukraine is the abolition of the requirement of a resident of documents confirming identity in carrying out various operations on the exchange or conversion rates. However, I would like to clarify that the changes do not cancel, and allow banking institutions not to require proof of identity of the resident in the commission of the following operations: Sale of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty thousand) hryvnia; The purchase of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty thousand)...

The draft law on simplification of export services

Published: 01.08.2016 |

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#Export #Legislation

July 12 the Verkhovna Rada adopted a basis the bill "On Amendments to Certain Legislative Acts of Ukraine (regarding the removal of administrative barriers to exports of services)." The adoption of this law will be an important step in the development of the export of services (particularly in the IT-sector) as will minimize bureaucratic delays and simplify the procedure of signing a foreign trade agreement, and accounting operations. Among the innovations: the possibility of a foreign trade agreement not only on paper but in electronic form - by taking the offer (public offer), electronic messaging or billing invoice; the abolition of exchange controls for the export of services (works) and intellectual property rights; recognition of invoice primary records sufficient to confirmation of economic operations, and to confirm the agreement of non-resident counterparty price and other terms of the contract. Payment of invoice shall be deemed acceptance of works and replace signatures and seals; the possibility of drafting primary and composite records in electronic form, as well as establishing new details: electronic signature, electronic signature or electronic signature of a...

The National Bank mitigated currency restrictions again

Published: 16.06.2016 |

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#Banks #NBU

June 7, 2016 the National Bank of Ukraine approved the Decree № 342 "On the settlement of the situation in the monetary and foreign exchange markets of Ukraine" (hereinafter - the "Regulation"), according to which continues a gradual mitigating the regime of currency regulation in Ukraine. Thus, according to the provisions of the Regulation: lowered from 75% to 65% the limit of the mandatory sale of revenues from abroad to accounts in foreign currency; twice increased the purchase limit of cash currency - from 6 to 12 thousand UAH per day; twice increased the issuance limit (receipt) cash from current and deposit accounts in foreign currency or banking metals - from 50 to 100 thousand UAH per day; abolished the restrictions on the volume of cash in national currency, which still amounted to 500 thousand UAH per day. In addition, the Resolution established limiting sizes and conditions for foreign currency transfers. For transfers that do not exceed the equivalent of 15 thousand UAH per day, can be performed without confirming documents and do not require the account opening. If the transfer of foreign currency exceeding the equivalent of 15 thousand UAH, it can be done...

European company (Societas Europaea)

Published: 09.06.2016 | blog

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#EU #Licensing #Offshores

European company (in a translation from Latin «Societas Europaea» - European societies) is a new legal form of business, which is designed to be a tool for deepening the integration processes of the European Community. The company formed (or transformed) in a form that can act throughout the European Union without a separate pass procedures of national treatment in each of them. The first draft of a European company (hereinafter - SE) was proposed in 1970. The idea was to create a concept of European company law, which was to unify all aspects of the SE, so that it can operate at a supranational level, the European Community, and not in accordance with the national law of the Member States. However, due to the need to harmonize a large number of issues, in particular the structure of organs, tax, employee participation in company management, etc., the work lasted for a long time and is difficult. The final version of the project, the replacement of the complete unified regulation, proposed a model of co-SE as a pan-European business regulation, and national regulations law. In 2001, it was decided the two main pieces of legislation the EU: Regulation on the Statute of SE...

Real Estate Market Predictions for 2016

Published: 02.06.2016 |

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#Bulgaria #Investments #Real estate

"Forewarned is forearmed". This statement is suitable for majority fields in business area and for real estate market too. Where is planning price rising and where is reducing and why, market of what country choose, in what invest your money - long-term or short-term perspectives? To find the answers for all of this questions more easer when you keep a clear line of sight, what a real estate development for the coming year, experts predict... Bulgaria is European country and a big amount of foreign investment give an incentive for permanent development in all activity fields. A considerable share of investments directed to the real estate sector, what in turn give a good prospect. According to prediction - real estate market of Bulgaria will be rising in 2016. Unstable economic and political situation in Ukraine, conflict situation in Turkey ad Egypt play into the hands for Bulgaria. All this events induce interest among the citizen of these countries to the fallback maneuvers. Costumers of building company more often account a proposition for year-round stay, if so that in case of aggravation of the situation in the country could safely take the suitcase and leave. An...

Basic laws of Bulgaria

Published: 31.05.2016 |

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#Bulgaria #Legislation

In each developed country in the world, the main title documents, which shows all the state laws that have legal force, regulating the political, economic and legal system of the state is the Constitution. The main difference of Bulgarian legal system - transparency and accessibility. Before signing, the law is manifesting in the state newspaper "The State Gazette ". The newspaper publishing innovations, additional information on the laws; Ministries edicts; information regarding the opening of firms and changes in the authorized capital; proceedings in legal cases, etc. As soon as the laws came into force, they can be found in the city libraries, government organizations and companies. In addition, the information base can be removed from the Internet resources, specially designed sites. For the first time, the content of the legal part of the Constitution of the Republic of Bulgaria, was published in the "State Gazette" in 1991. To your review there is a brief summary legislative framework of Bulgaria below: «The law on the Bulgarian citizenship»; «Aliens Act»; «The Law on Local Taxes and Fees shall»; «The law on the right of ownership»; «Foreign Investment...

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