The Law of Ukraine “On currency and currency transactions”: new opportunities for Ukrainian business

On December 6, SCHNEIDER GROUP organized our regular Quarterly Focus event, which was devoted this time to the topic “The Law of Ukraine “On currency and currency transactions”: another powerful sign of deregulatory efforts towards business”. The event was also attended and delivered with an opening speech by the managing partner and founder of SCHNEIDER GROUP, Mr. Ulf Schneider and by the General Director of SCHNEIDER GROUP Kyiv, Mr. Yuri Donets. The speakers were: Legal Expert, SCHNEIDER GROUP Kyiv, Mr. Maksim Satsyuk, Legal Expert, SCHNEIDER GROUP Kyiv, Mr. Serhii Pelivan, Associate Director Legal & Tax, SCHNEIDER GROUP Kyiv, Mr. Artem Barinov.

In his presentation, Mr. Maksim Satsyuk spoke about the introduction of the Law of Ukraine “On currency and currency transactions”. He made a review regarding liberalization of currency transactions including licensing, currency controls, and financial liabilities. Mr. Satsyuk spoke also about restrictions, NBU’s supervision aspect and presented main effects and summary of the law “On currency and currency transactions”.

Serhii Pelivan spoke about the specific features of the currency controls under the new law. He focused in his presentation on such important aspects as the main features of currency control, and what to expect in accordance with the new law, currency supervision and its main principles, system of supervisory agencies, the order for currency supervision, liability, in particular the procedure and the amount of penalties.

The goal of Mr. Barinov’s presentation was to analyze the next steps to be done  in accordance with the new law “On currency and currency transactions” focusing on expected implementation of transparency and control measures which would ensure compliant behavior of taxpayers in the context of the free float of capital. Namely Mr. Barinov focused on the proposed by the NBU changes to Ukrainian tax legislation aimed at countering BEPS and introduction of high compliance standards recommended by OECD. Among the most significant innovations for international business operating in Ukraine the following ones were named: CFC taxation rules, country-by-country reporting, procedure of double taxation disputes settlements, cross-border tax information exchange.

Presentations of speakers raised many interesting questions from the audience. A fruitful discussion continued during the networking and get-together sessions which rounded up the event.

Contact our experts:
Artem Barinov
Associate Director, Legal & Tax
+380 / 44 / 490 55 28
Maksim Satsyuk
Legal Expert
+380 / 44 / 490 55 28
Serhii Pelivan
Legal Specialist
+380 / 44 / 490 55 28
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