March 15, 2019
Ten years after the European Union vowed to produce 20 percent of its energy from renewable sources by 2020, it has made huge progress toward that goal. Now, a new challenge beckons: In 2018, the EU formally set itself a binding target to achieve 32 …
March 14, 2019
AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with two syndicated EUR-denominated facilities arranged by Deutsche Bank in December 2018 and March 2019 for the total amount equivalent to approximately…
March 12, 2019
Asters is delighted to announce that Inesa Letych and Orest Stasiuk have been promoted to counsel positions.
Inesa Letych joined Asters as associate in 2010. She holds master of law degree from the Taras Shevchenko Kyiv National University.
The global trend towards tax transparency and automatic exchange of tax information is having a rapid effect on international tax planning solutions. The fight against harmful tax practices over the past year looks like it’s become a big international campaign. It requires changes for all stakeholders — states and related authorities, corporations and beneficial owners. These are, on the one hand, low-tax jurisdictions that for many years have been a safe harbor for withdrawn capital. On the other hand, these are often sophisticated holding structures commonly used by ex-soviet business, including Ukraine.
On 23 July 2018 Ukraine signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) aimed at amending its effective Double Taxation Treaties (the DTT) in response to the OECD/G20 BEPS Project. The BEPS Project is a 15-point Action Plan that fights against tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity...
Yuriy Tsvetkov, Vitali³ Trachuk
Ukrainian tax legislation has never been sufficiently clear as to how exactly, for Corporate Income Tax purposes, a foreign enterprise should attribute income and expenses to its permanent establishment (PE) in Ukraine. This lack of legal guidance potentially sets at variance taxpayers and the government. On the one hand, taxpayers are not in a position to reasonably determine a portion of profits attributable based on the current imprecise rules. As a result, taxpayers are effectively incapable of effective tax compliance, thereby facing inherent tax risk associated with operating via a PE in Ukraine. On the other hand, the government is unable to conduct effective tax audits of PEs due to vague legislation, losing tax revenues when PEs are not quite sincere in attributing certain profits to their business activities in Ukraine...
On 25 June 2018 the new EU Directive 2018/822 of 25 May 2018 (the “Directive”) amending Directive 2011/16/EU with regard to mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (the “DAC”) came into force. The Directive makes up the sixth amendment to the DAC and, therefore, is sometimes referred to as “DAC 6”. The Directive is part of the European Commission’s aim to accommodate new initiatives in the field of tax transparency in the EU and combat aggressive tax planning.
The digital economy impacts all spheres of our life. We consume digital goods and services from the Internet without even thinking if the digital companies providing us with e-books, applications, social media pay taxes from their revenues. Obviously, online businesses pay relatively little tax on the services they offer. One of the reasons is that current international tax rules are not fit for the realities of the modern global economy and do not capture business models that can make profit from digital services in a country without being physically present. As a result, taxes are not paid in the country where the profit is earned.
Sayenko Kharenko advised EBRD on first synthetic UAH loan facility to LLC OTP Leasing
Sayenko Kharenko advised Greenyard NV
AVELLUM advised PJSC Slobozhanska Budivelna Keramika
Prominvestbank sues AVK plant in Dnipro over loan
Uber set to appeal ban by Brussels court
Court rejected Tolexis Trading Limited (Group DF) claim to return Titanium & Magnesium Combine
NBU filed new lawsuit against Ihor Kolomoiskyi
German court held that Amazon Dash buttons violate consumer protection law
Draft Law On Self-Regulatory Organizations
Holographic label on discs to be canceled
Harmonization of laws relating to Intellectual Property with EU right
It’s now possible to conclude procurement agreements for up to four years
EUR 13 billion TEN-T Investment Action Plan set up for better connectivity with EU
Luxoft sold for USD 2 billion
DTEK bought big stake of Kyivoblenergo shares
Samsung becomes research and development leader
Product labeling in Latin letters postponed until 2021
Ukraine announced 12 tenders for development of hydrocarbon deposits
Judicial fee rates set for 2019
Ford recalls more than 950,000 automobiles across the world
Law On Adjacent Zone of Ukraine signed
Pan-Euro-Med Convention on origin applied in trade with EU
National Bank of Ukraine approved new currency regulation system
List of offshore zones increased by five countries
Parliament extends ban on sale of agricultural land
Leading world investors and high-level Ukrainian state officials gathered for the Meeting of the National Investment Council under the President of Ukraine Petro Poroshenko. At the table AmCham Ukraine President Andy Hunder delivered the voice of AmCham Ukraine members, focusing on growth and top strategic priorities.
The recent changes made to international taxation rules provided by base erosion and profit shifting (BEPS) and likely never-ending domestic tax reform in Ukraine, force taxpayers to live and operate in “waiting mode”. Business in the coming year is likely to be not as usual, as domestic corporates and multinationals should carefully reconsider their business structures and international transactions. Svitlana Musienko, who recently joined Sayenko Kharenko as a tax partner, outlines what to expect from the increasingly complex set of regulations in the ever sensitive area of tax.
Cases on recognition and enforcement of foreign arbitral awards have a significant share in the Ukrainian economy. The convenience of proceedings in such cases provides the parties of foreign economic relations with a guarantee of non-interference by the state in private relations and retention of confidentiality. As a result of numerous efforts aimed at reform, the renewed procedure of recognition and enforcement, as stipulated by Law No.2147-VII of 3 October 2017, came into force on 15 December 2017. Thus, the experience of courts proceedings in such cases gained in the previous years has special importance for judicial practice under the novelised procedure...
Over the last few years the importance of renewable energy sources (“RES”) has grown sufficiently due to climate change and problems with energy security. In order to decrease the negative impact on the climate, many countries are introducing policies to support renewable deployment. According to IRENA research by the end of 2016, at least 176 countries had targets for renewable energy. By 2017, 126 countries had implemented special policies and regulations...
Over the course of last month the UJBL editorial team monitored recently adopted legislation and new initiatives. Our traditional commentary section looks at some of the latest legislative changes as well as a large number of proposed draft acts that require thorough analysis, in particular, On Amendments to Certain Legislative Acts of Ukraine on Ensuring Competitive Conditions for Electric Power Production of Alternative Energy Sources; On Self-Regulatory Organizations; On the Distribution of Copies of Audiovisual Works, Phonograms, Videograms, Computer Programs, Databases. We examined theRegional Convention on the Pan-Euro-Mediterranean Preferential Rules of Origin of Goods; laws of UkraineOn Amending Provisions of the Tax Code of Ukraine, as well as other Legislative Acts of Ukraine on Improvement of the Tax Administration and Increase of the Tax and Charges Rates; On Currency and Currency Operations, and a few others. The UJBL editorial team has enlisted the help of experts to comment upon some of them.
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