On 23 February 2015, the National Bank of Ukraine (the “NBU”) adopted resolution No.124 “On Peculiarities on Carrying out of Certain Foreign Currency Transactions” (the “Resolution 124”) which, in addition to already existing FX transfer limitations, introduces restrictions on certain FX transactions carried out by Ukrainian importers. In the situation of economic deterioration and Ukrainian hryvnia devaluation, the Resolution is reported to aim at further prevention of capital outflows from Ukraine.
Recently adopted Law on Tax Reform introduced important changes to Tax Code coming into effect in 2015. Some minor taxes are cancelled, new taxes on businesses introduced, tax rates increased and tax administration procedures changed significantly for some key taxes.
The President of the Russian Federation signed the Federal Law on amendments to the Russian personal data legislation on 31 December 2014. This law changes the date of entry into force of recent amendments related to personal data processing in information telecommunication networks to 1 September 2015 instead of 1 September 2016.
Legal alert: Ukraine introduces new disclosure and transparency requirements for beneficiaries of local companies and owners of real estate
On November 25, 2014, the recently adopted Law “On Introduction of Changes to Certain Legal Acts of Ukraine Related to Determination of Ultimate Beneficiaries of Legal Entities and Public Figures” (the “Beneficiaries Law”) will come into force.
The National Bank of Ukraine (the “NBU”) has adopted the Resolution dated 30 October 2014 No. 685 “On introducing certain amendments into the regulations of the National Bank of Ukraine” (the “Resolution 685”). Resolution 685 has withdrawn certain foreign currency restrictions previously introduced by the NBU in Resolution No. 540 dated 29 August 2014 in an attempt to limit outflow of funds from Ukraine.
Legal alert: Taxation of the Controlled Foreign Companies (CFC): Revised Draft Bill Submitted to State Duma
On October 22, 2014 a draft law on the taxation of the Controlled Foreign Companies was submitted to the State Duma of the Russian Federation. The Duma’s specialized committees should provide their comments on the draft before November 2, 2014.
Legal alert: UPDATE: Restrictions on Foreign Currency Transactions and Mandatory Sale of Foreign Currency Revenues
Effective as of 23 September 2014, the National Bank of Ukraine (the “NBU”) has amended certain restrictions aimed at stabilisation of the situation on Ukrainian foreign exchange market, which were introduced by the NBU in the end of August – beginning of September 2014 and formalised by Resolutions of the NBU no. 515 dated 20 August 2014 (the “Resolution 515”) and no. 540 dated 29 August 2014 (the“Resolution 540”).
On 14 August 2014, Verkhovna Rada of Ukraine has adopted the Law No. 1645-VII “On Amendments to Certain Laws of Ukraine with respect to Reformation of the Management System of the Uniform Gas Transportation System of Ukraine” (the “Law”) which comes into force on 10 September 2014. The Law allows, among other, participation of non-resident legal entities in the management of Uniform gas transportation system of Ukraine (the “GTS”).
Legal alert: Restrictions on Foreign Currency Transactions and Mandatory Sale of Foreign Currency Revenues
At the end of August – beginning of September 2014 the National Bank of Ukraine (the “NBU”) has adopted new resolutions aimed at stabilisation of the situation on Ukrainian foreign exchange market and in banking and financial sector.
On 1 August 2014, the President of Ukraine signed the Law of Ukraine № 1621-VII "On Amendments to Tax Code of Ukraine and other legislative acts of Ukraine" (on improvement of certain provisions) (the “Law”). The Law introduces amendments to the Tax Code of Ukraine, laws on national social insurance, the Law of Ukraine "On State Regulation of Production and Turnover of Ethyl Alcohol, Cognac and Fruit spirits, Alcoholic Drinks and Tobacco Products” and other laws.
The President of the Russian Federation signed federal law on the new amendments concerning the processing of personal data in Russia on July 22, 2014. Under Article 4 of this Federal Law the amendments shall come into force on September 1, 2016.