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LEGAL HOTLINE . 19 October 2017

THE REGISTER OF LARGE TAXPAYERS FOR 2018 WAS APPROVED

DOCUMENTS CAN BE SUBMITTED TO THE BANK WITHOUT A SEAL

THE STATE FISCAL SERVICE OF UKRAINE (SFS) TO CONSIDER INFORMATION ABOUT A BLOCKED TAX INVOICE WITHIN 5 DAYS

THE PRESIDENT OF UKRAINE APPROVED THE PENSION REFORM

EMPLOYERS WILL GET INFORMATION FROM THE STATE REGISTER OF SOCIAL INSURANCE

NON-BANK INSTITUTIONS CAN TRANSFER FOREIGN CURRENCY ABROAD

Contacts

Max Lebedev

Partner, Head of corporate practice, Attorney at law

THE REGISTER OF LARGE TAXPAYERS FOR 2018 WAS APPROVED

By its Order No. 632 of September 26, 2017 “On Approval of Materials of the Register of Large Taxpayers for 2018”, the State Fiscal Service of Ukraine approved the Register of Large Taxpayers for 2018. The Register included 2594 enterprise taxpayers.

All large taxpayers included in the Register will be served at the Large Taxpayers’ Office from the beginning of the tax period (calendar year) for which the registry has been formed.


DOCUMENTS CAN BE SUBMITTED TO THE BANK WITHOUT A SEAL

The Resolution of the Board of the National Bank of Ukraine No. 102 of October 10, 2017 “On Amendments to Certain Regulatory Legal Acts of the National Bank of Ukraine” (hereinafter referred to as “the Resolution”) provided bank customers wishing to conduct foreign currency transactions with an opportunity not to certify their documents submitted for this purpose with a seal. It is enough for the head of a legal entity to certify/sign the documents.

Also, the abovementioned Resolution excluded the requirement for notarization of documents. In particular, documents submitted for obtaining individual licenses for investment abroad are no longer subject to notarial certification.

This change also applies to documents submitted for obtaining other types of individual licenses.

At the same time, the notarization of translations of contracts and other documents submitted by banks and their customers to the National Bank of Ukraine remains mandatory.

The Resolution came into force on October 13, 2017.


THE STATE FISCAL SERVICE OF UKRAINE (SFS) TO CONSIDER INFORMATION ABOUT A BLOCKED TAX INVOICE WITHIN 5 DAYS

On October 13, 2017, the Order of the Ministry of Finance of Ukraine No. 776 of September 18, 2017 came into force. The Order amended the Criteria for Assessing the Level of Risk Sufficient to Stop Registration of a Tax Invoice/Settlement Adjustment in the Unified Register of Tax Invoices.

The Order established that a taxpayer shall have the right to duly submit to the SFS information regarding:

  • Types of economic activities according to the Classifier of Types of Economic Activities (CTEA SC 009:2010);
  • Codes of goods according to the Ukrainian Classifier of Goods for Foreign Economic Activity (UCG FEA), which are constantly supplied (manufactured) and/or purchased (received) by the taxpayer;
  • Codes of services according to the State Classifier of Products and Services (SC 016-2010), which are constantly supplied (manufactured) and/or purchased by the taxpayer.

Information shall be duly provided, with a taxpayer’s explanation specifying the specific character of economic activities, which is unchanged, with a possible reference to the tax and other reporting of the taxpayer.

Information shall be considered by the SFS within five working days following the day of its receipt.


THE PRESIDENT OF UKRAINE APPROVED THE PENSION REFORM

On October 8, 2017, the President of Ukraine signed the Law No. 2148-VIII of October 3, 2017 “On Amendments to Certain Legislative Acts of Ukraine Regarding Pensions Increase” (hereinafter referred to as “the Law”), which launched the pension reform and provided for the modernisation of pensions.

The Law also provides for an increase of the length of pensionable service for retirement from 15 to 25 years starting on January 1, 2018.

Also, the pension reform provides for the change of the pay-as-you-go pension insurance system, differentiation of the amounts of pensions depending on the acquired pension insurance record and earnings, and unified approaches to the calculation of pensions.

Within the framework of the reform, the coefficient of pensionable service was reduced from 1.35% to 1%.

Starting from October 1, 2017, the pension will be recalculated for all pensioners. Herewith, a single indicator of the average monthly salary for the last 3 years will be applied in the amount of UAH 3764.4.

The Law came into force on October 11, 2017.


EMPLOYERS WILL GET INFORMATION FROM THE STATE REGISTER OF SOCIAL INSURANCE

Information from the State Register of Social Insurance can be provided to employers, banks, enterprises, institutions, and organisations to be used for providing services to citizens (with their consent or in cases and in accordance with the procedure established by the legislation on the protection of personal data).

This opportunity will also be given to banks, enterprises, institutions, and organisations for the purpose of using it to provide services to citizens.

However, provision of information from the register of insured persons of the State Register of Social Insurance to other legal persons and individuals, except for bodies of labour and social protection of the population and funds of compulsory state social insurance, is allowed only through a court decision in cases stipulated by the law.

The abovementioned novelties are contained in the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding Pensions Increase”, No. 2148-VIII of October 3, 2017, which came into force on October 11, 2017.


NON-BANK INSTITUTIONS CAN TRANSFER FOREIGN CURRENCY ABROAD

Non-bank financial institutions were given opportunity to purchase and transfer foreign currency for the purpose of placing security deposits on the accounts of international payment systems abroad. Such funds will be used to secure obligations when making transfers to other countries.

To transfer foreign currency abroad, a non-bank institution needs to have an individual license issued by the National Bank of Ukraine.

Respective changes were stipulated by the Resolution of the National Bank of Ukraine No. 101 of October 10, 2017 “On Amendments to the Resolution of the Board of the National Bank of Ukraine No. 410 of December 13, 2016”, which came into force on October 12, 2017.

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