The Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Law of Ukraine “On State Budget of Ukraine for 2014” of 17.06.2014, № 1333-VII.
Thus, the Law on State Budget for 2014 is supplemented by the norm, the Cabinet is entitled by this norm to implement the domestic government bonds issue in excess of previously established volumes with the bond swapping ability for the finance bills, which are issued by the Depositors Insurance Fund with corresponding adjustment of the government debt limit.
In this case the financing corresponding figures of the State budget in excess of the previously established volumes are increased on the volume of domestic government issued bonds by the Ministry of Finance.
The Verkhovna Rada of Ukraine adopted the Law of Ukraine “On the moratorium on the foreclosure of properties of the citizens of Ukraine, provided as the security for foreign currency credit” of 03.06.2014, № 1304-VII. The Document enacts the moratorium on the compulsory acquisition of movable and real property of the borrowers (debtors) with the debt service obligation under the contracts of consumer’s foreign currency credit before the effective date of the legislation on the terms and procedures of conversion of obligation under the contracts of consumer credit of foreign currency into hryvnia.
The Cabinet of Ministers of Ukraine approved the Regulations on the State Fiscal Service (hereinafter – SFSU) by the Resolution of 21.05.2014, № 236.
SFSU reports directly to the Cabinet of Ministers of Ukraine.
The parts of the State Fiscal Service are: taxation authorities and customs services, also SFSU carries out the state policy of unified social tax managing.
The new State Fiscal Service will not execute the standard-setting function in contrast with the Ministry of Revenues and Duties. Only the orders drafting of the Ministry of Finance regarding to the sphere of SFSU activities as well as the forms drafting of the tax declarations (calculations), reporting and other documents will be within the competence of SFSU.
The Cabinet of Ministers of Ukraine approved the procedure of financial support of the national defense forces needs (Armed Forces) at the expense of charitable donation of individuals and legal entities by the Resolution of 02.07.2014, № 222.
With the purpose of effective use of charitable donations and to enable the public to supervise the donations expenditure according to p.10 of the Order № 222 the Ministry of Defense is required to:
- promulgate the information, within 10 days at the end of each month, on its official website, about the charitable donations volumes, which are received on the own accounts, their use together with an indication of the total charitable received and used donations, the cost of specific procurements, their volumes for each position and the main quality characteristics ;
- promulgate the summary information, quarterly, on its official website, about the charitable donations volumes which are received by the Ministry of Defense, military units, institutions (including in-kind), and to indicate the directions of the charitable donations use.
The Ministry of Revenues and Duties of Ukraine in its letter of 26.05. 2014, № 9358/6/99-99-19-03-02-15 reminded of the procedure of VAT taxation of vouchers for employees and their families sanatorium-and-spa treatment.
The vouchers at the expense of social insurance are not subject to VAT and are not reflected at the company tax accounting at the moment of vouchers receipt as well as at the moment of vouchers issue to the employees.
But the vouchers at the expense of the company are subject to VAT. Thus, the company gets the right to the VAT tax credit entitlement when the voucher is purchased, and when the voucher is delivered to the employee, the tax liability is charged on the bases of voucher agreed cost (p. 188.1, p. 198.3 of the Tax Code of Ukraine – hereinafter TCU).
According to pp.197.1.6 of TCU the VAT exempt vouchers for sanatorium-and-spa treatment within the territory of Ukraine, rest and recreation for children under 18, disabled people, disabled children.
The National Bank of Ukraine in its letter of 27.01.2014, № 28-310/3299 provided the explanation of necessity to obtain the individual licenses in some cases.
1. Foreign bills of exchange
The NBU explained that the transfer of foreign exchanges by the residents for the benefit of the non-residents to purchase the bills of exchange is not related to the investment activity, therefore it is required to obtain the individual licenses of NBU according to the active currency legislation.
2. Ukrainian securities for hryvnias
The reverse situation is developed concerning the account dealing (except bills) for hryvnias. The individual license of the National Bank is not required for such transactions using the investments accounts in UAH.
However, the general license for foreign-exchange transactions is required when the dealers in securities carry out the broker activity, provided that the title transfer of securities (including bills) from the resident to the non-resident or vice versa.
The State Treasury Service of Ukraine in its letter of 28.03.2014, № 17-08/320-7304 explained how to identify the accounts of budgetary accounting using the accounting limit 2500 UAH and depending on the code of economic classification of expenses (hereinafter – CECE):
-to non-current tangible assets of low cost are included the items to the value of no more than 2 500 UAH (VAT excluded), with the term of more than one year use (scenic-stage funds to the value no more than 5 000 UAH per unit ), which are posted to the 11 account “Other non-current tangible assets”, for accounting and generalization of the information on the presence and movement of other intangible assets that are not reflected in the set up of accounting entity in the 10 account “Fixed Assets”;
-if the expenses are carried out by CECE 2200 “Use of goods and services”, so that the purchased supplies and items are not accounted on the 10 account “Fixed Assets”;
- if the expenses are carried out by CECE 3100 “Purchasing of fixed assets”, which provide for the purchase or establishing the assets on its own, which are referred to the fixed assets or other non-current tangible assets according to the legislation, then they are on the 10 account “Fixed assets” and the 11 “Other non-current tangible assets”.
The Social Insurance Fund on temporary disability, by the Resolution of 30.05.2014, № 18 made the amendments in the Procedure of receiving of sanatorium-and-spa treatment by the insured persons and members of their families, this treatment is paid at the expense of the Fund.
The following norms garner the attention among the innovations. If the employee was given a voucher at work with the partial pay of the cost (one part was paid by The Social Insurance Fund, the another part was paid by the employee), and the employee did not use it, so his part should be returned to such employee. If the employee used the voucher partial, so the money should be returned in proportion to unused part of voucher.
