The Verkhovna Rada of Ukraine adopted Law No. 10086 "On Amendments to Certain Legislative Acts of Ukraine on Restoring the Solvency of Certain State Enterprises in the Energy Sector That Are in a Critical Condition."
This regulatory act extends the moratorium on forced debt collection and bankruptcy of certain enterprises in the energy sector.
The moratorium applies to state-owned coal-mining enterprises, Eastern Mining and Processing Plant and regional power companies in the regions where active hostilities are ongoing.
The extension of the moratorium on forced collection of debts and bankruptcy of certain state-owned enterprises in the field of energy guarantees the preservation of their property and the possibility of their economic activity.
The Ministry of Finance of Ukraine by Order No. 10 of January 10, 2024 made further changes to:
- the Instructions on the application of the Chart of accounts of assets accounting, capital, liabilities and economic operations of enterprises and organizations, approved by Order of the Ministry of Finance No. 291 of November 30, 1999;
- The Procedure for applying standard forms of primary accounting of objects of intellectual property rights as part of intangible assets.
The documents were brought into compliance with Law of Ukraine No. 1591-IX of June 30, 2021 "On Payment Services" in terms of the accounting of business transactions for the provision of payment services by non-bank providers of financial payment services, as well as with NAS.
Thus, the Chart of Accounts has been supplemented with the following items:
- 308 "Cash in national currency for transactions carried out with the use of casg registers";
- 309 "Cash in foreign currency for transactions carried out with the use of cash registers".
Enterprises that carry out cash transactions with the use of cash registers use sub-accounts 308 "Cash in national currency for transactions carried out with the use of cash registers" and 309 "Cash in foreign currency for operations carried out with the use of cash registers";
- 686 "Settlements for transfers".
On subaccount 686 "Settlements for transfers" is a record of settlements for payment services provided by providers of financial payment services;
- 706 "Interest income from financial services";
- 707 "Commission income from financial payment services".
On sub-accounts 706 "Interest income from financial services" and 707 "Commission income from financial payment services", providers of financial payment services, for which the provision of such services is the main type of activity, summarize information on interest and commission income, respectively.
In addition, the Ministry of Finance adjusted the name and rules for using subaccount 376.
So, subaccount 376 will be called "Loan and credit settlements."
Sub-account 376 will be used to record payments for loans to members of credit unions in credit unions and loans granted to users of payment services by financial service providers (except banks).
The National Bank of Ukraine by Resolution No. 17 of February 5, 2024 "On Amendments to Resolution of the Board of the National Bank of Ukraine No. 18 of February 24, 2022" updated a number of currency restrictions with the aim, in particular, of bringing them into line with current legislation.
First of all, from December 1, 2023, a new procedure for the import of humanitarian aid was introduced by Resolution of the CMU No. 953 of September 5, 2023 "Some Issues of the Admission and Accounting of Humanitarian Aid under Martial Law" (as amended).
In this regard, the National Bank specified the grounds for the correct completion by banks of currency supervision over residents' compliance with the deadlines for settlements established by the NBU for operations on the import of products imported into Ukraine as humanitarian aid from December 1, 2023.
Secondly, from December 24, 2023, Law of Ukraine "On Amendments to Certain Laws of Ukraine Regarding Improvement of State Regulation of Financial Services Markets" No. 3498 IX of November 22, 2023 (hereinafter - Law No. 3498) entered into force. In particular, it introduced amendments to the Law of Ukraine "On Banks and Banking Activities".
In order to bring the normative legal acts of the National Bank into compliance with Law No. 3498, the National Bank has provided a temporary (until December 31, 2024) possibility of cashless sale (exchange) of bank clients' funds in Russian/Belarusian rubles, if the specified transaction is carried out in accordance with the requirements of item 18 of Chapter VII of the Law of Ukraine "On Banks and Banking Activities".
Conditions for carrying out such transactions:
- if non-resident banks (except for resident banks of the Russian Federation and the Republic of Belarus and banks to which special economic and other restrictive measures have been applied in accordance with the Law on Sanctions), which have opened correspondent accounts of resident banks in Russian/Belarusian rubles, have unilaterally adopted a decision on the conversion (exchange) of Russian/Belarusian rubles for another currency;
- the sale (exchange) of Russian/Belarusian rubles can be carried out at the request of the bank client once for each type of currency - Russian rubles and Belarusian rubles.
The President of Ukraine signed Law No. 3553-Х , which brings the norms of the Tax Code i compliance with the new version of the Customs Tariff of Ukraine. We will remind you that Law of Ukraine "On the Customs Tariff of Ukraine" No. 2697 of October 19, 2022 ( hereinafter - Law No. 2697 ) establishes a new version of the nomenclature of the Customs Tariff of Ukraine, which is based on a new version of the UKT FEA, built on the basis of the Harmonized Commodity Description and Coding System of 2022 and the Combined Nomenclature of the European Union of 2022, which apply from January 1, 2023.
At the same time, Law of Ukraine No. 674-IX of June 4, 2020 "On the Customs Tariff of Ukraine" ( hereinafter - Law No. 674 ) is recognized as having lost its validity as of January 1, 2023.
Some provisions of the Tax Code contained product codes according to the 2017 version of UKT FEA and accordingly required changes.
Law of Ukraine No. 3553-IX of January 16, 2024 eliminates inconsistencies in the coding of goods, including excise goods, and simplifies the administration of VAT, excise tax, corporate income tax, and personal income tax.
The law provides for the following changes to the Tax Code regarding:
- introduction of technical amendments regarding the replacement of the concept of "fixed funds" with the concept of "fixed assets";
- exclusion from the list of corporate income tax rates applied to the income of non-residents, the rate of 20%, which was applied to the income of non-residents for the production and/or distribution of advertising, in connection with the 2 exclusion from the Tax Code of the provisions on taxation of such income. Corresponding changes were introduced by Law of Ukraine No. 1525-IX of June 3, 2021 "On Amendments to the Tax Code of Ukraine regarding the abolition of taxation of income received by non-residents in the form of payment for the production and/or distribution of advertising, and improvement of the procedure for taxation of value added tax on transactions on the provision of electronic services to individuals by non-residents" and entered into force in July 2021;
- replacement of the term "statutory fund" with the term "statutory capital";
- bringing the terminology into line with the legislation on rehabilitation in the field of health care regarding the replacement of the words "rehabilitation center" with the words "rehabilitation institution" for a clear and unambiguous interpretation of the law.
It is assumed that the Law will enter into force on the first day of the month following the month of publication.
The Verkhovna Rada of Ukraine adopted draft law No. 9627 of August 21, 2023 onn the radical simplification of the procedure for changing the intended use of land for the purposes of economic recovery.
The main goal of the law: elimination of unnecessary bureaucratic obstacles for people who want to build a new factory or other industrial or energy facility in Ukraine. Instead of 1-3 years, obtaining all necessary permits will take no more than 1.5 months. And the possibilities for officials at the regional level to allow an entrepreneur who does not want to pay bribes to collect information "on a large scale" are also removed.
The change in the purpose of the land will take place on the basis of the conclusion of the authorized body of urban planning and architecture of the local council regarding the possibility of placing the planned object. Without mandatory development of urban planning documentation and land management documentation.
In fact, for a year and a half, such a simplified procedure has been in effect for relocated enterprises, multimodal terminals, ports on the Danube, housing for IDPs, engineering and communication networks, and road and transport infrastructure facilities. Now we are expanding its scope to industrial and energy facilities .
The simplified procedure will apply to lands outside settlements, for which no town planning documentation has yet been developed. It will be distributed to the list of energy industry objects defined by law. And it will be valid for the period of martial law plus five years. That is, a conditional period of reconstruction.
This initiative is one of the elements of the Plan for the Development of the Processing Industry in Ukraine.
