The President of Ukraine has signed Law of Ukraine “On Amendments to Certain Laws of Ukraine Regarding the Improvement of State Regulation of Financial Services Markets” No. 3498-IX of November 22, 2023, which improves the legal framework of the financial sector and introduces a number of fundamental changes in the operation of the microcredit market.
In particular, the maximum amount of interest rates for microloans has been established at the level of 1% per day and the possibility of implementing a quality check of borrowers' solvency by financial companies.
Key innovations of the Law provide for:
- introduction of the maximum amount of the credit cost for the consumer – gradual reduction of the maximum daily rate with a final value of no more than 1% per day (today it can reach about 1500%–1800% per annum) after 8 months;
- requirement to include information on the daily interest rate in the consumer credit agreement;
- NBU’s right to set minimum requirements for checking the borrower's creditworthiness, which will make it possible to qualitatively reduce the debt burden on one borrower;
- obligation of lenders to transfer information on all consumer loans, regardless of the amount of the loan, to at least one of the credit history bureaus included in the Unified Register of Bureau of Credit Histories;
- prohibition to establish in the consumer credit agreement a condition for unilateral extension of the term of credit use (such extension must be carried out exclusively by concluding an additional agreement by the parties);
- additional fines for violation of established requirements.
In addition, the new Law envisages changes to the Law of Ukraine “On the Basics of State Regulatory Policy in the Field of Economic Activity”, which make it possible to optimize the process of adoption of NBU regulatory acts regarding the non-banking market and bring it into line with similar procedures in the banking market.
Law No. 3498-IX enters into force on the day following its publication.
The Cabinet of Ministers of Ukraine, by Resolution No. 1366 of December 22, 2023, has approved amendments to Resolution No. 379 of May 28, 1993.
The changes were initiated in order to simplify the procedure for issuing certificates for the right to use benefits for family members of deceased or missing soldiers.
The relevant document defines, in particular:
- procedure for applying for a certificate;
- procedure for obtaining certificates;
- clear list of documents on the basis of which a certificate can be issued;
- structural divisions (bodies) that issue certificates.
The Cabinet of Ministers of Ukraine has supported the resolution of the Ministry of Internal Affairs, which will enable the launch of an interactive map of shelters in Diia application. In this way, Ukrainians will be able to quickly find a safe place during air raid siren.
One will also be able to view the address and photo of the shelter on the map, as well as find out its capacity and type. In addition, everyone will be able to evaluate the condition of the shelter, leave a complaint or offer, and also report if the shelter is closed.
The resolution also obliges state authorities and local self-government bodies to constantly update information on shelters. And also monitor their condition and availability.
The adoption of the resolution will make it possible to set up a more efficient process of creating and equipping shelters. And Ukrainians will be able to find out current information about shelters even more easily. This will allow to quickly find a convenient and safe place in case of missile attacks.
The Ministry of Justice of Ukraine continues to consistently move towards reducing time and money spent on obtaining public services without the need to submit additional documents.
So in 2023:
- the possibility of automatic online closing of the individual entrepreneurs has been introduced on the Diia portal;
- the online marriage application service was launched through the Diia portal. As of November 21, 2023, more than 15,500 couples have successfully used the service;
- the possibility of online submission of an application for the re-issuance of a certificate of state registration of a civil status act, an application for the issuance of an extract from the State Register of Civil Status Acts of citizens through the Diia portal and, based on the results of its review, the receipt of the relevant document at the civil registration department or Ukrposhta;
- the citizens of Ukraine who are abroad can obtain a certificate of state registration of civil status acts, extracts from the State Register of civil status acts of citizens, as well as other services in the field of state registration of civil status acts in a simplified manner at designated diplomatic institutions;
- the newly created Digital Office of the State Registration of Civil Status Acts started its work - the only department that promptly processes applications for ordering extracts and duplicates of certificates submitted through the Diia portal;
- the possibility of automatic submission of applications for registration of a special property right for future real estate objects has been introduced. This will allow buyers to protect their investment in housing from unscrupulous developers;
- the service of online state registration of property rights to immovable property, the registration of which was carried out before January 1, 2013 was launched. Today, the service is available in 12 regions.
The Verkhovna Rada of Ukraine has adopted the draft law (No. 7457 of June 10, 2022) on medical cannabis in the second reading.
The draft law regulates the circulation of cannabis only in medical, industrial and scientific activities.
- Distribution of marijuana for recreational use will continue to be a crime and will be investigated by the police in accordance with the law.
- Production of medicines will be strictly controlled at all stages. Only legal entities that receive the appropriate license and GMP certificate will be able to grow under 24-hour video surveillance with access for the National Police. Each bush will have individual coding to track the movement of the plants to the patient.
- Medicines based on medical cannabis can be obtained only with an electronic prescription. This prescription will be prescribed by the doctor to the patient according to the latter’s condition, as is currently the case with morphine.
The law enters into force six months after its publication. Therefore, it is somewhere in the second half of 2024.
The Verkhovna Rada of Ukraine has immediately supported the draft law on simplifying the import of electronic warfare as a basis and as a whole. They will be exempt from VAT and customs duties.
We are talking about draft laws No. 10341 and No. 10342 on exemption from import duty taxation of certain defense goods.
These draft laws provide for the exemption from VAT of radar devices and complexes important for defense structures during the war. Taxation will not apply to goods received by the Defense Forces, the Ministry of Defense and law enforcement.
We are talking not only about EW devices imported from abroad, but also about those produced in Ukraine.
The Ministry of Finance of Ukraine, the Ministry of Social Policy and the Ministry of Economy of Ukraine by joint order No. 648/447-н/17498 of November 20, 2023, as well as the Pension Fund of Ukraine by Resolution No. 49-1 of November 20, 2023 approved the Procedure for exchanging information between the State Tax Office of Ukraine, the Pension Fund of Ukraine, the State Employment Center and other executive authorities.
This Procedure was developed with the aim of determining the mechanism of information exchange between subjects of information relations and ensuring the implementation of their powers.
The information provided by the State Tax Service to the Pension Fund of Ukraine and the State Employment Center will contain:
- data on the registration of Unified State Tax payers with an indication of the controlling body in which the payer is registered;
- data on the system of taxation of payers, in particular, indicating 1, 2, 3 or 4 group of single tax payers;
- information from the policyholders' reports on the amounts of accrued social insurance and under concluded agreements on voluntary participation in the mandatory state social insurance system;
- data on the reconciliation of the results of inspections regarding the reliability of the submitted information about persons who are subject to mandatory state pension insurance;
- information on the amounts of income from the payment of social security, financial sanctions and the amount of funds transferred to the accounts of the Pension Fund of Ukraine and the State Employment Center;
- data in the section of policyholders regarding the payment of the UST, the amount of arrears from the payment of the UST, the amount of debt due to financial sanctions (fines, penalties), necessary for the performance by the bodies of the Pension Fund of Ukraine of the functions provided for by the Laws of Ukraine “On Collection and Accounting of Single Contribution to Mandatory State Social Insurance” and “On Mandatory State Pension Insurance”.
The information provided by the Pension Fund of Ukraine to the State Tax Service will contain data on persons who receive a pension and have the right to be exempted from paying Social security tax for themselves, including persons with disabilities, the date of establishment of a pension (disability), and the end of a pension (disability).
The information provided by the Ministry of Social Policy to the State Tax Service will contain data on social tax payers - natural persons who, in accordance with the law, receive state social assistance and have the right to be exempted from paying a single tax for themselves, including persons with disabilities, the date of appointment of social assistance, end of disability.
The information that the territorial bodies of the Pension Fund of Ukraine will transmit to the tax authorities will contain:
- information necessary to complete the procedures for the administration of the social tax;
- copies of reports on social tax submitted by policyholders to the bodies of the Pension Fund of Ukraine in the period up to October 1, 2013.
