Page 2. Business

Published 5 October 2021. Some rules have changed since; ask us for the current position. According to 2019 research, Ukraine ranked 126th out of 180 countries in the global corruption index. Corruption shows up mainly as unregistered (illegal) business, money laundering and tax evasion. To fight this more effectively, Ukraine decided to adopt a new anti-money laundering law. It was passed at the end of 2019, and one of its key features is financial monitoring. Financial monitoring is a procedure for controlling financial transactions carried out in various sectors.…

Published 22 September 2021. Some rules have changed since; ask us for the current position. In early September the Ministry of Finance of Ukraine announced plans to introduce automatic exchange of financial and tax information in line with the international AEOI standard (Automatic Exchange of Information) and the CRS (Common Reporting Standard). Such systems are regarded as modern and effective tools. Officials noted that a number of preparatory steps are needed before the system can be introduced, so it is unlikely to start working in Ukraine before 2023. Automatic…

Published 29 April 2020. Some rules have changed since; ask us for the current position. Cutting costs during a crisis helps a business hold on and avoid a cash gap. Spending needs particular attention during the coronavirus epidemic, since no one knows for sure when the quarantine will end or what will happen to businesses next. The entertainment and tourism industries have been hit especially hard, and many have frozen their operations entirely. What are the most important cost-cutting measures for small and medium-sized businesses? The top priority right now…

Published 29 January 2020. Some rules have changed since; ask us for the current position. The amendment to Draft Law No. 1210 is as follows: the income limits for single tax groups 1, 2 and 3 are raised to UAH 1 million, UAH 5 million and UAH 7 million respectively. This measure will allow Ukrainian small businesses to grow faster and show stronger results. It is justified because the minimum wage has risen over all the years the limits stayed unchanged, while the limits themselves were never indexed in line with that growth. The initiative was supported by 340 members of the…

Published 29 January 2020. Some rules have changed since; ask us for the current position. Since 17 January, the rule on how individual entrepreneurs (FOP, фізичні особи-підприємці) may use their accounts has been cancelled. Entrepreneurs had protested against, and struggled to understand, the requirement to use FOP current accounts only for transactions unrelated to personal needs and the right to transfer funds to a personal account only after paying all taxes and duties. This decision will make life much easier for the business community. At the same time, the rule that personal…