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Below, you will learn about:
From October 01, 2022, the minimum wage in Ukraine is:
Increasing the minimum wage in Ukraine led to the increase of the unified social contribution paid by employers, as well as fines for violations of labour legislation.
On September 26, 2022, amendments to the Law of Ukraine On State Registration of Legal Entities, Individuals - Entrepreneurs, and Public Organizations entered into force., Above-mentioned amendments establish that legal entities may register changes to the information about themselves in the Unified State Register, as well as decisions on dissolving legal entity or revoking such decisions automatically through the Diia Portal (without state registrars engagement).
On September 29, 2022, relevant laws of Ukraine were amended in order to improve the regulation of ultimate beneficial ownership and the ownership structure of legal entities. Most of the amendments shall enter into force on December 29, 2022.
Along with the possibility of informing on the ultimate beneficial owners in electronic form, it is also provided that:
It is established that Minutes of General Shareholders Meeting, shall be signed by the chairman of such Meeting or shareholder (its representative) authorized by the General Shareholders Meeting to do so, unless otherwise is provided by the charter of the company. If for making the decision to change the director of the company votes of not more than 10 shareholders are sufficient then the relevant Minutes shall be signed by the shareholders (their representatives) who voted for such decision and whose votes are sufficient to make the decision, unless otherwise is provided by the charter of the company. Each shareholder of the company who has participated in the General Shareholders Meeting may sign the Minutes.
These changes are aimed to improve the mechanism of anti-raiding in Ukraine.
Legal entities are allowed to transfer money abroad to maintain their own branches, representative offices and other separate divisions
From October 01, 2022, the National Bank of Ukraine allowed legal entities to transfer money to the bank accounts of their own branches, representative offices and other separate divisions abroad, provided that the following conditions are performed simultaneously:
It is allowed to transfer money to non-residents under commission, agency assignment agreements
The National Bank of Ukraine allowed the transfer money to non-residents under commission, agency, or assignment agreements in result of the selling, services or works determined by the Resolution of the Cabinet of Ministers of Ukraine dated February 24, 2022, No. 153 On certain issues regarding ensuring the implementation of imports starting from February 24, 2022.
Liberalisation of currency supervision for importing humanitarian aid to Ukraine
From October 01, 2022, additional reasons for the completion of currency supervision under deadlines for import of humanitarian aid to Ukraine were established by the National Bank of Ukraine.
The National Bank of Ukraine has defined the list of documents that allow banks to complete currency supervision of such import operations. Among other, there are a declaration on the list of goods recognized as humanitarian aid, as well as documents confirming the transfer or receipt of humanitarian aid by its recipient.
Key Policy Rate is kept at 25% per annum
On October 20, 2022, the Board of the National Bank of Ukraine decided to leave the Key Policy Rate at 25% per annum.
The next meeting of the Board of the National Bank of Ukraine is scheduled on December 08, 2022.
Activities of Ukrainian exporters are eased
The National Bank of Ukraine created conditions for the Ukrainian exporters to be able to participate in tenders for the supply of goods to non-residents. Thus, starting on November 05, 2022, Ukrainian banks were given an opportunity to provide tender guarantees on such operations.
These changes are aimed to improve business conditions for Ukrainian manufacturers, as the tender guarantees are used to enter new markets and find new export opportunities.
Use of foreign currency by charitable funds is eased
From September 06, 2022, to pay in foreign currency, legal entities firstly shall use their own foreign currency, and then, if necessary, buy it on the currency market of Ukraine.
At the same time, the National Bank of Ukraine made an exception for charitable funds. Banks will not consider available foreign currency balances on accounts of charitable funds and will not require to sell and/or use the available currency when fulfilling requests to purchase foreign currency to pay for import contracts.
On September 19, 2022, the National Securities and the Stock Market Commission adopted Decision No. 1183, which, in particular, determined that:
The Parliament of Ukraine adopted the following amendments to the Law of Ukraine On Employment of the Population regarding the employment of foreigners:
In addition, it is provided that work permits for foreigners who are students in Ukraine are free of charge for their employers.
State fee for issuing (including in case of loss or theft) and exchanging permanent or temporary residence permits is increased.
On October 21, 2022, the Resolution of the Cabinet of Ministers of Ukraine No. 1202 On Certain Issues of Implementation of Legislative Acts in the Field of Migration under Martial Law was adopted. Under this Resolution permanent or temporary residence permits, which are expired or are subject to exchange after February 24, 2022, shall deemed valid until the end of Martial Law in Ukraine and, in turn, allow foreigners to enter and legally stay in Ukraine during Martial Law and 30 days after its termination or cancellation. Above-mentioned Resolution does not apply to residence permits of Russian citizens.
On November 03, 2022, the State Tax Service of Ukraine joined the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (hereinafter referred to as the CbC Multilateral Agreement). The introduction and exchange of reports across countries are provided for by the provisions of BEPS Action 13, which is a component of the Minimum Standard of the BEPS Action Plan, which Ukraine has undertaken to implement.
It was previously noted that the CbC Reporting applies for the first time for the fiscal year 2021, but not earlier than the year in which the competent authorities joined the CbC Multilateral Agreement. As of now, the official clarifications on the first reporting year (2021 or 2022) are awaiting, as this matter is not clear enough from the prescriptions of the Tax Code of Ukraine.
According to the information on the website of the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine and the State Tax Service of Ukraine are currently taking successive measures to ensure the technical capacity to exchange such reports.
After cross-country reporting of an international group of companies is implemented in Ukraine, Ukrainian taxpayers that are part of international groups of companies whose aggregate consolidated income for the year preceding the reporting year exceeds EUR 750 million will be required to submit CbC reports in Ukraine in the following cases (clause 39.4.10 clause 39.4 of Article 39 of the Tax Code of Ukraine):
We remind you that failure to submit a report by the taxpayer for the countries of the international group of companies entails the imposition of a fine equivalent to 1 000 of the subsistence minimums for an able-bodied person, established by law on January 01 of the tax (reporting) year (subsistence minimum for an able-bodied person as of January 01, 2022, is UAH 2 481,00).
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