Publication

16.03.2017

REVIEW OF THE MAIN LEGAL NEWS FOR BUSINESS (№2/2017)

Author: Oksana Tropec
Source: www.dmp.com.ua


Oksana Tropec, lawyer of LF «Dmitrieva & Partners» has prepared the review of the main legal news for business.

Among the main news:

Innovations of exchange regulation
On February 25th the National Bank introduced new approaches to licensing transactions of individuals of placing funds in foreign accounts and investments outside Ukraine.

Determination of an ultimate beneficial owner (controller)
By its letter dated 10.02.2017 no. 25-0008/10883 the NBU reminded banks of their obligation to request from a customer - legal entity the information and/or documents containing information on the ownership structure of the customer.

The National Bank of Ukraine once again stressed on the necessity for banks to perform an in-depth analysis of the terms of foreign economic contracts that provide for the application of such rates of conversion of the price currency into the payment currency which significantly differ from market ones (the NBU letter of 08.02.2017 no. 25-0008/9995).

As regards the taxation of  income in the form of the value of property received by a taxpayer - acquirer under a hereditary contract
The State Fiscal Service gave clarification regarding the taxation of  income in the form of the value of property received by a taxpayer - acquirer under a hereditary contract.

On Amendments to the Tax Code of Ukraine regarding transfer pricing
By letter no. 2376/99-99-15-02-01-17 of 02.02.2017 the State Fiscal Service of Ukraine Structural sent the clarification to structural subdivisions on the issue of transfer pricing.
The main changes in the Law no. 1797 regarding transfer pricing are as follows: 

  • Increase of the cost criteria for the recognition of transactions as controlled
  • Report on controlled transactions
  • Extension of the list of non-residents transactions with which will be monitored
  • "Low tax" jurisdictions - new list
  • Liability and penalties

On the order of imposition of a value added tax on the transactions of the assignment by a primary creditor of the right to claim to a new creditor
The Chief State Fiscal Service in Kyiv clarified the order of imposition of a value added tax on the transactions of the assignment by a primary creditor of the right to claim to a new creditor.

As regards the possibility of nonprofit organizations to enter into contracts of civil nature with individuals, founders, employees and members of such non-profit organizations
Letter of the SFS of 06.02.2017 no. 2114/6/99-99-15-02-02-15. Law of Ukraine dated October 6, 2016 no. 1667-VIII introduced amendments to the Tax Code of Ukraine relating to specification of certain provisions on taxation of non-profit organizations, which came into force on 20th November 2016.

Regarding the imposition of the income tax on transactions of transfer of the rights and obligations of a purchaser under the contract of sale and purchase of real estate to a third party
The State Fiscal Service of Ukraine considered the letter regarding the imposition of the income tax on transactions of transfer of the rights and obligations of a purchaser under the contract of sale and purchase of real estate to the third party and, following art. 52 of the Tax Code of Ukraine (hereinafter - the Code), informs as follows.

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