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

On December 6, 2018, SCHNEIDER GROUP organized our regular Quarterly Focus event, which was focused on  “The Law of Ukraine “On currency and currency transactions”: another powerful sign of deregulatory efforts towards business”. The event was attended by the managing partner and founder of SCHNEIDER GROUP, Mr. Ulf Schneider and by the General Director of SCHNEIDER GROUP Kyiv, Mr. Yuri Donets, who delivered opening speeches . The speakers were: Legal Expert, SCHNEIDER GROUP Kyiv, Mr. Maksim Satsyuk, Legal Expert, SCHNEIDER GROUP Kyiv, Mr. Serhii Pelivan, and 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 the liberalization of currency transactions including licensing, currency controls, and financial liabilities. Mr. Satsyuk also spoke about restrictions, NBU’s supervision aspect, and the 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  the main features of currency control, what to expect in accordance with the new law, currency supervision and its main principles, the system of supervisory agencies, the order for currency supervision, and liability, in particular the procedure and penalties.

The goal of Mr. Barinov’s presentation was to analyze the next steps  in accordance with the new law, focusing on expected implementation of transparency and control measures which would ensure the compliance of taxpayers in the context of the free capita float. Mr. Barinov focused on the proposed changes by the NBU to Ukrainian tax legislation aimed at countering BEPS and the introduction of high compliance standards recommended by OECD. Among the most significant innovations for international business operating in Ukraine: CFC taxation rules, country-by-country reporting, procedure of double taxation disputes settlements, and 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 off 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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