Further Liberalization of Foreign Exchange Restrictions in Ukraine

The National Bank of Ukraine (NBU) has announced the liberalization of foreign exchange restrictions in Ukraine already in the spring of 2016. The introduction of restrictions in the years 2014/2015 was required for stabilization of the situation on foreign currency market. In May and June 2016, the NBU repealed by its regulations a number of foreign exchange restrictions, or relaxed them (see also Finally, significant relaxation of exchange control in the Ukraine).

28 July 2016, the NBU finally adopted a new regulation No. 361, and thus introduced a further relaxation of foreign exchange restrictions in Ukraine. The amendments relate first of all to the settlements in the export and import transactions.

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Ukraine on the Reform Path

Soon a visa-free regime for Ukrainian citizens?

The negotiations between Ukraine and Brussels on the abolition of visa regime have already started in 2008. In December 2015, the European Commission gave positive assessment; however, some improvements were required from Kiev.

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New conditions and procedures for obtaining merger clearance in Ukraine

The Law of Ukraine No 935-VIII of January 26, 2016 has introduced significant changes in the conditions and procedures of obtaining a merger clearance in Ukraine. The changes take effect on May 18, 2016. An overview of the key changes is provided below.

 

1. Re-Defined and Increased Value Thresholds

Under the new rules, the prior clearance of the Antimonopoly Committee of Ukraine for a merger transaction is required, if:

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Ukrainian Fiscal Service clarifies tax implications of debt to equity conversion

Uncertain economic prospects and unprecedented Hryvnia devaluation forced many Ukrainian with debt obligations in foreign currency to look ways for restructuring of their foreign currency debts.

The conversion of debt into equity is currently viewed as one of preferred options.

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Switzerland, UAE, Singapore and others excluded from Ukrainian list of low-tax countries

On 16th of September 2015 the government of Ukraine has approved a new list of low-tax countries (territories). The revision of the list is important both from transfer pricing control and general anti-avoidance perspectives.

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The Double Taxation Agreement between Ukraine and Ireland will apply from 1 January 2016

On 17 August 2015, the new Double Taxation Agreement between Ireland and Ukraine, which was signed on 19 April 2013, entered into force. The Agreement will apply starting from 1 January 2016.

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The information on the final beneficiary must be submitted to the state registrar

The Law of Ukraine No. 1701-VII of 14.10.2014 (hereinafter - the "Law No. 1701") has made changes to some legislative acts, in particular, the Law of Ukraine "On State Registration of Legal Entities and Individual Entrepreneur" the Commercial Code of Ukraine, the Code of Administrative Offences et al., according to which:

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NBU Restrictions on Foreign Currency Transactions

The National Bank of Ukraine has prolonged by the Resolution No.160 of 03.03.2015 the validity of the following restrictions on the foreign exchange market, namely:

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