The National Bank of Ukraine by Resolution No. 134 of October 24, 2023 “On Amendments to the Tariffs for Registration and Licensing Services Provided by the National Bank of Ukraine” approved changes regarding the revision of the tariffs for registration and licensing services for banks and non-banking institutions, as well as introduced new services and established tariffs for them.
It is about services for registration of payment systems, participants, technological operators of payment systems and authorization of activities of providers of financial payment services, limited payment services.
The basis for the introduction of such services was the implementation of the legislation of Ukraine on payment services, namely:
- Law of Ukraine “On Payment Services”;
- Regulations on the registration of payment systems, participants of payment systems and technological operators of payment services, approved by Resolution of the Board of the National Bank of Ukraine No. 208 of September 26, 2022;
- Regulations on the procedure for the authorization of the activities of providers of financial payment services and limited payment services, approved by Resolution of the Board of the National Bank of Ukraine No. 217 of October 7, 2022.
The resolution entered into force on November 1, 2023, accordingly, the new tariffs are effective from this day.
You can become familiar with the updated account details for payment of relevant services in the field of registration and licensing on a special page of the NBU website.
The Cabinet of Ministers of Ukraine has approved the draft Law “On the State Budget of Ukraine for 2024” for the second reading.
In the draft budget for the second reading, the need for external financial support is about 41 billion USD.
This amount was reduced from 42.9 billion USD, in particular thanks to the increase in planned revenues as a result of the revision of macro indicators and taking into account other additional revenues.
The expected macroeconomic indicators for 2023, which are the basis for calculating the forecast for 2024, have been clarified. In particular:
- faster recovery of real GDP in 2023 to +5% compared to +2.8% in the previous forecast;
- hryvnia exchange rate of UAH 38.6 per USD at the end of the period before the second reading compared to UAH 40.2 per USD for the first reading;
- the expectations regarding the growth of consumer prices in the current year have been clarified downwards – from 14.7% to 7.1% (December to December).
In the forecast for 2024, the indicator of consumer inflation was adjusted downwards – from 10.8 to 9.7% (December to December last year). The assumption regarding the hryvnia exchange rate was also adjusted to UAH 40.7 per USD (average rate for the year) before the second reading compared to UAH 41.4 per USD in the preliminary forecast.
The revenue part of the draft state budget has been increased by UAH 22.2 billion compared to the first reading and is foreseen in the amount of UAH 1,768.5 billion, including the general fund, which has increased by UAH 22.1 billion.
Expenditures and granting of loans were increased in the bill before the second reading by UAH 95.2 million compared to the first reading and amount to UAH 3,355 billion, including general fund expenditures of UAH 3,120.6 billion and special fund expenditures of UAH 234.5 billion.
Before the second reading, the deficit limit was reduced by UAH 22.1 billion (to UAH 1,571.5 billion), which was agreed with the International Monetary Fund.
During the preparation of the draft state budget for the second reading, according to the proposals of people’s deputies and in coordination with relevant ministries, funds were redistributed within the framework of separate budget programs. In particular, the Ministry of Social Policy, the Ministry of Education and Science, the Ministry of Agrarian Policy and Food, etc.
According to Art. 8 of the draft Law on the minimum wage in 2024 it is established:
- monthly amount: from January 1 – UAH 7,100, from April 1 – UAH 8,000;
- hourly: from January 1, UAH 42.6, from April 1 – UAH 48.
The amount of the minimum wage at the level of UAH 1,600, which is used as an estimate for calculating payments according to court decisions, has also been determined.
According to Art. 7 of the draft law, from January 1, 2024, the subsistence minimum for persons per month is UAH 2,920.
Living wage for the main social and demographic groups of the population:
- children under 6 years of age – UAH 2,563;
- children aged 6 to 18 years – UAH 3,196;
- able-bodied individuals – UAH 3,028;
- individuals who have lost their ability to work – UAH 2,361;
- able-bodied individuals, which is used to determine the basic salary of a judge, – UAH 2,102;
- able-bodied individuals, which is used to determine the salaries of employees of other state bodies whose wages are regulated by special laws, as well as employees of tax and customs authorities – UAH 2,102;
- able-bodied individuals, which is used to determine the official salary of the prosecutor of the district prosecutor's office, – UAH 1,600.
The Cabinet of Ministers of Ukraine has approved Resolution No. 1132 “On the Implementation of Experimental Project on the Verification of Subjects of Agro-Industrial Complex under Martial Law”. The document changes the rules for exporting agricultural products. The resolution was prepared by the Ministry of Agrarian Policy and Food of Ukraine.
The new rules should make it impossible to abuse and violate the law during the export of agricultural products. And also protect the rights of agrarian entrepreneurs who comply with export legislation.
The coordinators of the experimental project are the Ministry of Agrarian Policy, the Ministry of Economy, the Ministry of Statistics, the Ministry of Finance, the State Customs Service, the State Tax Service.
A list of verified entities of the agro-industrial complex that export goods will be formed. In particular, grain, oil and processed products.
To be included in the list of exporters, an entrepreneur must meet four criteria:
- be a VAT payer at the time of submitting an export application and as of February 23, 2022;
- not have a tax debt for the return of foreign exchange earnings;
- in relation to the entrepreneur, an act of the State Tax Service on the absence of legal registration at the place of verification of compliance with currency legislation was not drawn up;
- the entrepreneur has documentary confirmation from the bank with which they work that from February 23, 2022 to October 27, 2023, at least one successful export operation was conducted, which resulted in the return of foreign exchange earnings.
To be included in the list of verified exporters, the entrepreneur must first register with the State Agrarian Registry (SAR), if not already registered. Secondly, get a confirmation letter from the bank regarding the successful export transaction. And the third step is to submit an application to the SAR, where you specify the VAT payer code and add a scanned copy of the letter from the bank.
The decision on inclusion in the list of exporters will be made within three working days after the application is submitted.
Information on agricultural entrepreneurs included in the list of verified entities will be updated daily.
The Ministry of Finance of Ukraine has published draft order “On Amendments to Order of the Ministry of Finance of Ukraine No. 764 of December 14, 2020”. The document proposes:
- to publish the new version of Country-by-country Reports of the international group of companies,
- to approve changes to the Procedure for filling out Country-by-country Reports of the international group of companies.
The draft act amends the form of Country-by-country Reports of the international group of companies and the Procedure for filling it in, approved by Order No. 764, in accordance with the provisions of Law No. 2970, which, in particular:
- defines the terms “Multilateral Agreement CbC”, “QCAA Agreement”, “member of international group of companies”;
- defines the terms “parent company of international group of companies”, “international group of companies”, “authorized participant” in the new edition;
- determines the purposes of the Code, unless it expressly provides otherwise, international treaties containing provisions on the exchange of information for tax purposes including the Convention on Mutual Administrative Assistance in Tax Matters, the International Agreement of Ukraine on the Avoidance of Double Taxation and other international treaties on exchange of information for tax purposes, the binding consent of which has been given by the Verkhovna Rada of Ukraine, as well as interdepartmental agreements concluded on their basis;
- clarifies circumstances and conditions for submitting Country-by-country Report of the international group of companies (in particular, cases of non-fulfillment of the QCAA Agreement and indicators of the minimum size of the aggregate consolidated income of the international group of companies, which includes the taxpayer);
- specifies the list of information that must be contained in Country-by-country Report of the international group of companies, by each jurisdiction (state, territory) in which a member of the relevant international group of companies is registered or in which the international group of companies operates, and for each member of such an international group;
- determines the grounds for the taxpayer's submission of a revised Country-by-country Report of the international group of companies (in particular, in the event that the supervisory authority detects errors in the submitted Country-by-country Report of the international group of companies or receiving a notification of such errors from the competent authority of another jurisdiction on the basis of the QCAA Agreement);
- specifies reporting periods and deadlines for the first submission of Country-by-country Report of the international group of companies.
