Recent News

On June 22, 2017, by the Decision No. 460 of the National Commission on Securities and the Stock Market, the changes in the Regulations on the procedure for compiling and submitting of the administrative data on the activities of traders of securities in the NCSSM (Decision No. 1283 of the National Commission on Securities and Stock Market) were made. The innovations provide for the need to give the information on the conclusion of the "suspicious" contracts by the trader of securities. We remind that a "suspicious" contract should be understood as an agreement with the securities on the exchange or over-the-counter market, which price for listing securities and securities used to calculate the stock exchange index differs from the last calculated exchange rate by 20% or more, and for non-listed securities, it differs from the last calculated closing price of the trading day by 50% or more. In accordance with this definition, a "suspicious" contract can be a contract concluded both on the exchange and over-the-counter market. However, guided by the principle of the distribution of reports, according to which the stock exchange itself reports on exchange contracts, the trader of...

On June 26, 2017, the Directive of the European Parliament and the Council of the European Union "On preventing the use of the financial system for money laundering and financing of terrorism", signed on May 20, 2015, came into force. The document is aimed not only at improving the "anti-laundering" legislation of the EU member states, but also preventing of tax evasion. The last one is planned to be achieved by increasing the level of transparency of the corporate and financial information. Each country of the European Union is obliged to bring the local legislative base in the line with the provisions of the Directive, introducing a number of changes. Among them are: toughening of requirements for the banks, as well as companies providing accounting and legal services, regarding the analysis and assessment of the risks when dealing with the clients; organization of collection and centralized storage of the information about the beneficial owners of the companies (including trusts and funds) providing the access to the competent authorities; optimization of the cooperation and simplification of information exchange between the bodies of financial intelligence of the EU member...

We remind you that since January 1, 2017, the amendments to the Article 39 of the Tax Code of Ukraine, which describes the transfer pricing, came into effect. They provided for the expansion of the list of non-residents, with whom the transactions will be controlled. So, according to the pp. "d" cl. 39.2.1.1 TCU the operations are recognized as controlling if they are performed with non-residents who do not pay income tax, including income earned outside the state of their registration, and / or are not tax residents of the country in which they are registered as legal entities. In order to administer this norm, the Cabinet of Ministers of Ukraine approved the list of organizational and legal forms of such non-residents in the context of jurisdictions with the Decree dated 04.07.2017 No.480. Most of the list is partnerships, among which are popular partnerships in Germany, the Netherlands, Switzerland, the United Kingdom and the United States. The main criterion for assigning a business transaction with a non-resident counterparty to the controlled ones is the nonpayment of the corporate tax by the last one in the state of registration. Therefore, if this tax is paid by him in...

The leading tax lawyer of the Finance Business Service, Rolan Bondarets, gave an interview to the First Business TV Channel on the topic "Fictitious counterparty and tax credit". The conversation was devoted to a topical, but at the same time, debatable and ambiguous matter: if the enterprise has the right to form a tax credit through economic transactions conducted with the counterparties that are subsequently admitted fictitious. The examples from real court practice were considered: Rolan Bondarets cited the conclusions of the highest courts of Ukraine, compared the current positions of the Supreme Court of Ukraine and the ECHR, and also expressed his personal opinion on this issue. At the end of the interview, the expert told the entrepreneurs about the practical recommendations how to independently check domestic and international counterparties for the signs of...