- Mandatory product labelling in Latin letters will be implemented in 2021 the earliest
- State Register of cash registers has been updated
- SFS recommendation with regard to filing of the updated form of tax return
- Ukraine started applying the provisions of the Pan-Euro-Mediterranean Convention
- Indexation coefficient of normative monetary land assessment for year 2018 has been published
- List of goods originating from the Russian Federation, which are banned for import into the customs territory of Ukraine, has been updated
- National Bank of Ukraine is planning to implement IBAN
Legal news for your attention:
Mandatory product labelling in Latin letters will be implemented in 2021 the earliest
In 2015, in compliance with the requirements of the European Union Association Agreement, Ukraine adopted the Rules for the application of units of measure. According to the Rules, effective January 01, 2016, all manufacturers of consumer products were obliged to indicate the product measurements in accordance with the International system of units SI (kilograms, centimeters, liters, etc.).
At the same time, for the gradual transition of business to the new labeling requirements, a transitional period was envisaged for labelling in Latin letters, which was supposed to end on 01.01.2019.
However, in connection with the unpreparedness of business to such a transition, the Ministry of Economic Development and Trade of Ukraine (hereinafter – “MEDT”)decided to extend the transitional period until 01.01.2021.
In particular, Order of the MEDT No. 938 dated December 18, 2018, postponed the entry into force of Order of the MEDT No. 914 dated August 04, 2015, “On Approval of Definitions of Key SI Units, Names and Definitions of Derivative SI Units, Decimal Multiples and Partial Units of SI, Permitted Miscellaneous Units, as well as their Symbols and the Rules for the Application of Units of Measure and the Writing of Names and Symbols of Units of Measure and Value Symbols”.
State Register of cash registers has been updated
The State Fiscal Service of Ukraine (hereinafter – “the SFS of Ukraine”) by Order No. 8 dated January 04, 2019, approved an updated State Register of Cash Registers.
An updated State Register contains a list of cash registers authorized for initial registration, as well as the registrers initial registration of which is prohibited.
SFS recommendation with regard to filing of the updated form of tax return
In a letter No. 357/7/99-99-15-02-01-17 dated January 04, 2019, the SFS advised the payers of corporate income tax for the basic reporting (tax) period 2018 to submit a tax return in an updated form.
Recall that on December 14, 2018, Order of the Ministry of Finance of Ukraine No. 842 “On Approval of Changes to the Corporate Income Tax Return Form” dated October 19, 2018, came into force.
At the same time, in accordance with Clause 46.6 of Art. 46 of the Tax Code of Ukraine updated forms of tax reporting should be applied for reporting in the period following the period of their official publication. That is, according to the rules of the Tax Code of Ukraine, the first time the updated Corporate Income Tax Return form should be used for reporting for either the first quarter of 2019, or for the whole 2019 year.
Ukraine started applying the provisions of the Pan-Euro-Mediterranean Convention
Starting from January 01, 2019, provisions of the Regional Convention on pan-Euro-Mediterranean preferential rules of origin started to apply in bilateral trade between Ukraine and the European Union.
The Convention establishes identical rules of origin for goods used in the framework of free trade agreements between its contracting parties.
There are currently 25 parties to the Convention, namely, the EU, the EFTA countries (Iceland, Liechtenstein, Norway, Switzerland), Albania, Algeria, Bosnia and Herzegovina, Georgia, Egypt, Israel, Jordan, Lebanon, Kosovo, Macedonia, Morocco, Moldova, Palestine, Serbia, Syria, Tunisia, Turkey, Ukraine, Faroe Islands and Montenegro.
Ukraine has concluded free trade agreements with the following parties to the Regional Convention: EU, EFTA, Georgia, Macedonia, Moldova, Montenegro. The Free Trade Agreement between Ukraine and Israel is being prepared for signing. Negotiations on the conclusion of the Free Trade Agreement between Ukraine and Turkey are ongoing.
Indexation coefficient of normative monetary land assessment for year 2018 has been published
The State Service of Ukraine on Geodesy, Cartography and Cadastre has informed that the indexation coefficient of normative monetary land assessment for 2018 constitutes 1.0.
The indexation coefficient of normative monetary land assessment is applied cumulatively, depending on the date when the normative monetary land assessment was performed.
The indexation coefficients of normative monetary land assessment constitute: 1996 – 1.703, 1997 – 1.059, 1998 – 1.006, 1999 – 1.127, 2000 – 1.182, 2001 – 1.02, 2005 – 1.035, 2007 – 1.028, 2008 – 1.152, 2009 – 1.059, 2010 – 1.0, 2011 – 1.0, 2012 – 1.0, 2013 – 1.0, 2014 – 1.249, 2015 – 1.433 (except agricultural land) and 1.2 for agricultural land (arable land, idle land, hay meadows, cattle-runs, perennial plantations), 2016 – for agricultural land (arable land, perennial plantations, hay meadows, cattle-runs and idle land) – 1.0, for non-agricultural land – 1.06, 2017 – 1.0.
Normative monetary land assessment for 2002, 2003, 2004 and 2006 was not indexed.
List of goods originating from the Russian Federation, which are banned for import into the customs territory of Ukraine, has been updated
On January 08, 2019, Resolution of the Cabinet of Ministers of Ukraine No. 1154 dated December 27, 2018, entered into force, which amended the list of goods, originating from the Russian Federation, banned for import into the customs territory of Ukraine.
In particular, the list has been supplemented with the following items:
- 1108 12 00 00 – corn starch;
- 1702 30 – glucose and glucose syrup, not containing fructose or containing less than 20% by weight of fructose in a dry state;
- 1702 40 – glucose and glucose syrup, containing in the dry state not less than 20% by weight, but less than 50% by weight of fructose, except invert sugar;
- 1702 90 50 00 – maltodextrin and maltodextrine syrup.
National Bank of Ukraine is planning to implement IBAN
As reported on the official website of the National Bank of Ukraine, effective April 01, 2019, banks will open new accounts for clients in the IBAN standard, and current account numbers from April 01 to October 31, 2019, will be independently changed by banks of Ukraine in accordance with the requirements of this standard, with the preservation of the current number of analytical accounting.
In this case, the current account numbers for customers will be supplemented by the country code and bank code.
The use of IBAN will become mandatory for customers of all Ukrainian banks when making funds transfers both in national and foreign currencies, including during cross-border transfers. Therefore, all transfers will be made only with the use of IBAN
Partner, Head of Tax practice, Restructuring, Claims and Recoveries practice, Attorney at law
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