Tax and Legal Alert

Periodic newsletter for our clients on recent changes and specific issues in Ukrainian tax legislation.

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Issue 16. 14 November 2008

• Hard Currency Monitoring Body (HCMB)

• Principal provisions of land and construction laws are amended

• Immigration requirements – period of initial state registration increased

• New import duties now in effect

• Recent interpretation of losses carried-forward

• NBU prime rate increased

• Recent interpretation of the “usual price” of goods imported for further resale

• WTO protocol was ratified by Verkhovna Rada

• New restrictions on issue of bonds

• Confirmation of tax residency status

• Additional VAT reporting requirements

• Immigration requirements – electronic entry/exit controls have been introduced

• Tax depreciation cost

• VAT refund procedure to be improved

• Confirming export of goods for VAT refund purpose

• Ukraine's accession to WTO approved

• Tax privileges for energy saving activities

• Maximum interest rates on loans from non-residents

• NBU regulation on maximum interest rate

• Maximum interest rates on foreign currency loans

• Scrutinising tax schemes

• Financial statements due to State Registrar by 1 June
• Authorities clarify inpu tax credits for imported goods
• Authorities clarify inpu tax credits for imported goods
• Ukraine joins European Business RegisterChanges to the amount of social security contributions and the minimum capital for new companies

• Changes to the amount of social security contributions and the minimum capital for new companies

• Proposed new treaty between Ukraine and Cyprus

• Tax law changes: corporate profit tax and VAT
• Social security contributions
• New tax treaties