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The client addressed the Finance Business Service company – the company providing online educational services in the field of trading- for opening a merchant account. It is worth noting that one of the reasons for appealing was the initial refusal of the processing company when the client attempted to register the account independently. The experts of the Finance Business Service carried out a detailed analysis of the documents and information to determine the reasons for the refusal. In the process of this analysis, a number of inconsistencies with the main requirements of the processing companies was identified, presented to the clients' websites. Among these inconsistencies were: the lack of basic rules and conditions on the client's website, the privacy policy, as well as the discrepancy between the English-language and Russian-language versions of the website. The lawyers of the Finance Business Service prepared basic rules and conditions, a privacy policy considering the specificity of the client's field of activity, and also it was pointed out at the inconsistencies with the purpose of its further elimination. After carried out changes in the work of the site of the...

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 press service of the National Bank of Ukraine reported on the termination of issuing the references to the business entities for the declaration of currency values ​​belonging to a resident of Ukraine and located outside it. This decision was taken as a consequence of the next changes in the conditions of the foreign exchange market, introduced by the order of the Ministry of Finance No. 524 of May 24, 2017, and entered into force on July 21. According to the document, the availability of such a reference is no longer a compulsory requirement for foreign economic activity, including customs clearance of export-import goods and conducting banking operations with currency values. It is worth noting that in the list of documents required for the passage of the customs clearance, fixed in the art. 335 CCU, there is no above reference, that is, its absence could not be the reason for the refusal to register export-import cargo anyway. Consequently, in the modern conditions the procedure for obtaining this certificate was an additional bureaucratic formality, which abolition would substantially facilitate the life of business entities. Therefore, the NBU, with the assistance...