On 21 July 2020, the long-awaited draft law No. 3658 “On the Amendments to Certain Laws of Ukraine on the Improvement of Support for the Production of Electricity from Alternative Energy Sources” (the “Draft Law”) was adopted by the Parliament of Ukraine in the second reading. To a large extent, the Draft Law reflects the arrangements set forth in the…
Read MoreUkrainian law now offers additional anti-raid protection in respect of a limited liability company (the “LLC”). Specifically, Law of Ukraine “On amending certain legislative acts of Ukraine on combating raiding” No. 340 dated 5 December 2019 (the “Law”) has recently come into effect (i.e., the effective date as per the database of the Ukrainian Parliament is 16 July 2020). The…
Read MoreOn 10 June, the long-awaited Memorandum of Understanding on the Settlement of Problematic Issues of the Ukrainian Renewable Energy Sector (the “MoU”) was signed by the Prime Minister of Ukraine, the acting Minister of Energy and representatives of major renewable energy associations UWEA (Ukrainian Wind Energy Association) and EUEA (European-Ukrainian Energy Association). The MoU accommodates the arrangements reached by the public…
Read MoreFollowing delayed signing and publishing, Law No. 466-IX dated 16 January 2020 “On amendments to the Tax Code of Ukraine related to the improvement of tax administration and elimination of technical and logical inconsistencies in the tax legislation” (the “Law”) was officially published and became effective on 23 May 2020. We would like to remind you of the most significant…
Read MoreThe Law introduces a new risk-oriented financial monitoring approach similar to EU anti-money laundering standards. Here are the principal elements of the Law relevant to business: 1) The definition of ultimate beneficial owner (“UBO”) has been widened. The list of persons who are deemed UBOs of a trust was extended to include a founder, trustee, protector, beneficiary or group of beneficiaries of the…
Read MoreThe Law was signed by the President on 1 April and will become effective after it is published (which is expected to happen imminently). The most notable changes for business are: Extension, for the whole period of quarantine, of: most types of statutes of limitations; most procedural terms (e.g. terms for the review of the case by the court, terms…
Read MoreThe Ukrainian Parliament has passed the Law No. 2178-10 (becoming effective from 1 July 2021) introducing certain changes into the Land Code of Ukraine, aiming to lift the existing moratorium in relation to transactions involving agricultural land plots in Ukraine. By way of background, the existing moratorium prohibits: sale and purchase of state-owned and municipally owned agricultural land plots; sale and purchase or other…
Read MoreDue to the outbreak of COVID-19, the Ukrainian Parliament adopted Law No 3220 dated 16 March 2020 “On amendments to the Tax Code and other legislation to support taxpayers during the measures preventing spread of COVID-19” (“the Law”). The Law has yet to be signed by the President and will become effective from the day following its official publication. Some of the supportive measures…
Read MoreOn 26 February 2020, the Government of Ukraine approved procedures to allow private companies to operate in the Ukrainian space technology market. Specifically, Ukraine not only allowed private companies to carry out such activities, but also significantly simplified permitting procedures. Any company that wishes to conduct any space technology activities in Ukraine must submit a declaration (the “Declaration”) to the…
Read MoreOn 16 January 2020, the Ukrainian Parliament adopted law No 1210 “On amendments to the Tax Code related to the improvement of tax administration and elimination of technical and logical inconsistencies in the tax legislation” (the “Law”). It is likely that the President will sign the law in early to mid-February. The most significant changes in the Law include: I….
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