Experts: Tax changes have clear flaws. Ukraine is trying to create a simpler and fairer tax system that also encourages people to pay their share rather than evade taxes. But recent changes still fall short of the goal, according to some critics.
KyivPost Legal Quarterly publishes a commentary by Oleg Boichuk on disclosure and transparency requirements for beneficiaries of local companies
The Verkhovna Rada, the nation’s parliament, on Oct. 14 adopted a law that requires Ukrainian companies to disclose their true owners. The move is aimed at fighting corruption as many elected officials and others hide their ownership of companies and fail to disclose conflicts of interest.
Tax Analysts publishes commentary by Mark Rovinskiy on a draft law that would allow the taxation of CFCs controlled by Russian tax residents
Russia is considering a tax amnesty for Russian-owned offshore companies as part of a wider effort to encourage the repatriation of capital and discourage the use of offshore companies for tax avoidance, a government spokeswoman told Tax Analysts.
The Finance Ministry is pushing ahead with its program to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers the carrot of a 2-year amnesty for those firms which decide to relocate to Russia.
Russia’s competition authority Federal Antimonopoly Service (FAS) is likely to face more legal challenges over its warnings to dominant companies on anticompetitive practices after the country’s Supreme Arbitration Court (VAS) ruling allowing Gazprom’s subsidiary to dispute a warning against it at arbitration courts, two Moscow based lawyers said.
Kyiv Post publishes commentary by Roman Stepanenko on the National Bank of Ukraine requirement for exporters to sell half of their foreign currency-denominated revenue
National Bank of Ukraine ex-governor Stepan Kubiv let the hryvnia freely float when he was appointed to the post more than three months ago, but he kept a measure in place to mandate foreign currency earners to convert half their revenue to hryvnias.
The proposed tie-up between Holcim and Lafarge is unlikely to face competition hurdles in Russia. The country’s competition authority, the Federal Antimonopoly Service (FAS), is expected to assess the deal’s impact on regional cement markets, in which the two European companies' presence is largely complementary, said two Moscow-based lawyers.
Ukraine’s AIS automobile distribution corporation, which is owned by two Party of Regions lawmakers — Dmytro Svyatash and Vasyl Poliakov — has not been repaying a UkrSibbank loan worth $100 million for five years. But after the overthrow of President Viktor Yanukovych, who controlled the party, the bank debt may finally get repaid.
A law to curb piracy came into effect in August 2013. It has proven to be an “efficient instrument” in the fight against copyright infringement, especially since preliminary injunctions from courts became much easier to obtain.