The Cabinet of Ministers of Ukraine founded the State regulatory service of Ukraine. The corresponding Resolution 'On State Regulatory Service of Ukraine' of 30.04.2014, №252 entered into force on 16 of this July.
The State regulatory service has emerged as the central executive authority in Ukraine since July 16, which activity is directed and coordinated by the Cabinet of Ministers of Ukraine according to the document. The State Committee on business has been liquidated.
Authority and responsibilities of the former department are divided now between the newly formed State Regulatory Service and The Ministry of Economic Development.
Thus, the State Regulatory Service of Ukraine is responsible for implementation of the state regulatory policy, the state policy on licensing, the regulatory approval system and the supervision (control) in the sphere of business activity, but the authority and responsibilities regarding the issues of development of small and medium enterprise are vested in The Ministry of Economic Development.
The Ministry of Revenue and Duties of Ukraine in its letter № 16051/7/99-99-18-02-01-17 reminded that the Law of Ukraine “On Amendments into Certain Legislative Acts of Ukraine on simplification of the procedure of state registration of the business activity termination of self-employed individual by the declarative principle” of 13.05.2014, № 1258-VII entered into force from 08.07.2014, the procedure of state registration of the business activity termination of self-employed individual by the declarative principle is simplified by this Law.
In particular, state registration of the business activity termination of self-employed individual is conducted by the state registrar not later than the next business day of the date of receipt of the entrepreneur’s registration form for the state registration of the business activity termination or the judgement on the business activity termination of self-employed individual without the Tax Clearance Certificates of Revenues and Duties authority and the certificate of no arrears payment of the unified social tax for compulsory state-sponsored social insurance.
The Ministry of Revenue and Duties of Ukraine approved by the Order of 30.12.2013, № 866 the new report forms of tourist tax and parking lots charges, which entered into force from July 1, 2014. In particular:
- Tax declaration of parking lots charges as well as the procedure of its filling;
- Recalculation of tax liability on parking lots charges. Tax declaration annex of parking lots charges as well as the procedure of its filling;
- Tax declaration of tourist tax as well as the procedure of its filling;
- Recalculation of tax liability on tourist tax. Tax declaration annex of tourist tax as well as the procedure of its filling;
We remind you that it should be reported using the new report forms up tp 11.08.2014.
The Ministry of Revenue and Duties of Ukraine in its letter of 01.07.2014, № 15472/7/99-99-25-01-17 reported that the tax liabilities of taxpayers in the antiterrorist operation area might be deferred.
The taxpayers in the antiterrorist operation area should apply to the regulatory authorities for the purpose of deferral or instalment of monetary obligations plan. The documents that should be submitted to the Revenue and Duties authority by the taxpayers at their registration place for this purpose are:
- written application where the amount, terms and charge payment periods are specified and needed to be deferred. Thus, the deferred amounts repayment schedule should be made and submitted;
- economical substantiation, which consists of the list of circumstances, that led to the incurring of tax debt and its accumulation, financial analysis of the company and the taxpayer incomes forecast.
The supervisory authority should decide whether upon to satisfy or reject the deferral (instalment payment) monetary obligations plan of the taxpayer within 30 days of receipt of the application.
It is important that during the whole deferral agreement period, the fines and penalties are not charged to the deferral monetary obligations of the payer.
In addition, the tax debt, incurred due to force majeure, could be written off as a bad debt upon the request of the taxpayer. In this case the bad debt should be documented.
The Ministry of Revenues and Duties of Ukraine in its clarification answered the question if the conclusion of agreements between the business entities, registered in Ukraine and Autonomous Republic of Crimea, was considered to be the foreign economic policy.
The resolution of the Verkhovna Rada of Autonomous Republic of Crimea “On holding of general Crimean referendum” of 06.03.2014, № 1702-6/14 is ruled unconstitutional according to the judgement of the Constitutional Court of Ukraine of 14.03.2014 г. № 2-рп/2014
The resolution № 1702-6/14 is ruled unconstitutional and ceased to be in force from the day of the Constitutional Court of Ukraine judgement № 2-рп/2014.
Thus, the state registration of business entities, which are registered according to the Law on state registration of legal entities and individuals - entrepreneurs and registered in the Crimea, is valid.
Therefore the conclusion of agreements between the business entities, registered in Ukraine and Autonomous Republic of Crimea, is not considered to be the foreign economic policy.
The Ministry of Finance of Ukraine in its letter of 17.12.2013, № 31-08410-07-10/36519 answered the question if Ukrainian company, which reports under IFRS, could prepare financial statements in the currency that was not Ukrainian currency unit.
The reason for this question is that the business entities could prepare financial statements in multiple currencies and this is indicated in IAS 21. At the same time, it is clearly determined by the Accounting Law (hereinafter - the Law) that the companies maintain the accounting records and prepare financial statements in the currency unit of Ukraine.
Department experts reported that the Accounting Law applies to all legal entities, corporatized according to the Law of Ukraine, regardless of their business legal structure and patterns of ownership, who were obliged to maintain accounting records and file financial statements in accordance with the Law.
According to the Law, IFRS are applied for the preparation of financial statements if they are compatible with it and promulgated officially on the website of the Ministry of Finance of Ukraine.
In accordance with Article 5 of the Law, the companies maintain the accounting records and prepare financial statements in the currency unit of Ukraine.
According to Article 99 of the Constitution of Ukraine, the currency unit of Ukraine is hryvnia.
Thus, the companies, which apply IFRS, maintain the accounting records in hryvnias as it is provided for by the Law.
The Ministry of Economic Development of Ukraine by the Order of 06.06.2014, № 668 amended the procedure of document and issue of import licenses, export of ethyl, brandy and fruit alcohol, concentrated grape ethyl alcohol, concentrated fruit ethyl alcohol, alcoholic beverages and tobacco products.
The list of documents for the receipt of import and export alcohol licences is reduced by the Order.
The business entity should file only two documents to obtain import and export alcohol licenses:
- application for obtaining of import licences, export of ethyl, brandy and fruit alcohol, concentrated grape ethyl alcohol, concentrated fruit ethyl alcohol, alcoholic beverages and tobacco products;
- remittance advice copy (marked by the bank for payment) on the transfer of annual payment for the licence into the local budget.
The National Securities and Stock Market Commission in its letter of 17.03.2014, № 12/04/4650/НК considered when the submitting of the consolidated financial statements is not necessary.
According to the Accounting Regulations 2, the consolidated financial statements should not be submitted by the subsidiary if there are all following conditions:
1) if it is another company subsidiary (wholly or partly belongs to the another company);
2) owners of uncontrolled interests are informed about it and are content with it;
3) if it is not issuer of the securities;
4) the subsidiary company prepare the consolidated financial statements, which is available for public.
If the subsidiary company intends to take advantage of an exception from the requirements for the preparation of the consolidated financial statements, it should obtain in advance the written consent of all owners of uncontrolled interest. That is, the owners of uncontrolled interest should be informed in written form that the consolidated financial statements would not be prepared by the subsidiary company, and they should provide in its turn the written consent to apply an exception by the subsidiary company.
The National Bank of Ukraine updated the Regulation on electronic money by the Order of 19.06.2014, № 378.
In particular, the bank has the right to provide to its clients such financial services as:
- electronic money transmission;
- implementation of exchange transaction of electronic money;
- provision of recharged funds by electronic money of electronic devises;
- acceptance of electronic money in exchange for cash / non-cash funds.
In addition, the users have the right to use electronic money for payments settlement with the help of electronic device, which is charged and held by the user, in the amount up to UAH 35000 during the calendar year. The electronic money, which is repaid at the user’s request during a calendar year, is not included into the calculation of this amount.
Users-individuals have the right to use electronic money for goods payment as well as electronic money transfer to other users-individuals. Users-individuals have the right to transfer electronic money to other users-individuals using prepaid cards in the amount up to UAH 500 per day and not more than 4000 hryvnias during one month.
Users - business entities are entitled to receive electronic money only in exchange for non-cash funds. Users - business entities are entitled to use electronic money only for goods payment.
The State Statistics Service of Ukraine approved the new state statistical monitoring forms on agricultural statistics by the Order of 02.07.2014, № 206, viz.:
- annual:
№ 21-заг “Implementation of agricultural products” and № 50-сг “Leading economic indicators of work of agricultural companies”, № 10-мех “Availability of agricultural equipment in agricultural companies”, which are implemented from the report of 2014;
№ 4-сг “Planted areas of agricultural plant for yield”, № 4-сільрада council “Planted areas of agricultural plant in the households of village council area for yield 20_” - report on the crops for yield of 2015;
- periodical:
№ 21-заг (monthly) “Implementation of agricultural production in January - ____20__”, № 11- заг (quarterly) “Supply of livestock and poultry for processing companies in January - ___ 20__” - report for January 2015;
- sampling observation of population agricultural activities in rural localities:
№ 01-СГН “Questionnaire basic interview” and № 02- СГН “Questionnaire monthly interview” – from May 1, 2015.
