Legislative news digest: LEGAL HOTLINE 16.11.2017

THE PLAN OF COMPREHENSIVE INSPECTIONS FOR 2018 WAS APPROVED

By its Order No. 139 of November 16, 2017, the State Regulatory Service of Ukraine approved the Plan for Implementing Comprehensive Measures of State Supervision (Control) for 2018.

Let us recall that according to the legislation, if the same economic entity is included in the inspection plans of various bodies, it is the ground for conducting a comprehensive scheduled activity related to that entity, that is, by several bodies simultaneously.

At the same time, the economic entity has the right to refuse the comprehensive scheduled activity by addressing the State Regulatory Service of Ukraine in writing. In this case, inspection of this economic entity will be conducted in accordance with the annual plans of state supervisory (controlling) bodies.

You can check whether your company is included in the plan of comprehensive measures for 2018 at this link or here.

THE NATIONAL BANK OF UKRAINE (NBU) ALLOWED PAYING DIVIDENDS ACCRUED UNTIL 2013

On November 15, 2017, amendments to the NBU Board Resolution No. 410 of December 13, 2016, which are aimed at mitigating currency restrictions, came into force. These amendments stipulate that:

• Resident borrowers in the process of liquidation can perform early repayment of foreign currency loans obtained from a non-resident lender in accordance with the procedure for (the sequence of) satisfaction of creditors’ claims defined by the Ukrainian legislation;

• Ukrainian companies are allowed to pay foreign investors dividends accrued not only for 2014-2016, as before, but also for the period until 2013 inclusive. The monthly limit for these operations will make up no more than USD 2 million per one legal entity. As regards the repatriation of dividends accrued for 2014-2016, its monthly limit will remain within USD 5 million per one legal entity.

A NEW FORM OF APPLICATION FOR EMPLOYMENT OF FOREIGNERS IS IN OPERATION

On November 15, 2017, the Cabinet of Ministers of Ukraine approved amendments aimed to simplify the procedure for processing of documents by employers to resolve issues related to the employment of foreign specialists in Ukraine. The Cabinet of Ministers approved new forms of applications:

• For employer’s obtaining a permit to employ foreigners and stateless persons;

• For extending a permit to employ foreigners and stateless persons;

• For changing a permit to employ foreigners and stateless persons.

CASH PAYMENTS WILL BE MADE WITH ROUNDING

The National Bank of Ukraine published its draft Resolution “On Optimising the Circulation of Small Denomination Coins”. With this draft Resolution, the NBU proposes to stop the additional issuing of coins of 1, 2, 5, and 25 kopecks denomination (hereinafter referred to as “small denomination coins”) in circulation and establish that these coins will remain in circulation until the decision on their withdrawal is made.

It is proposed that in the absence of small denomination coins legal entities and individuals engaged in entrepreneurial activities will round off in receipts the total amounts of cash payments for goods (works, services) based of the following rules:

• The amount, which ends with 1 to 4 kopecks, is to be rounded down to the nearest sum ending with 0 kopecks;

• The amount, which ends with 5 to 9 kopecks, is to be rounded up to the nearest sum ending with 0 kopecks.

In the course of making cashless payments, no rounding will be performed.