Ukraine: New Law Introduction & Tax Updates

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Despite the cold cyclones and rainy weather, May introduced many Law and Tax updates in Ukraine.  

First, the President signed a law that will facilitate a land decentralization program, known as the “Land`s constitution” and initiated an anti-oligarchs policy. It will introduce a public registry, special rules, and limitations to 13 oligarchs that currently own more than 23% of GDP. In the middle of May, Ukraine got personnel changes in the Cabinet of Ministers: new Minister of Health – Victor Lyashko, Minister of Infrastructure – Oleksandr Cubrakov and Minister of Economics – Oleksiy Lyubchenko. At the end of the month, the Parliament adopted:

• Law on the imprisonment for inaccurate declarations. According to the officials, this will encourage transparency and help to fight corruption
• Ban of plastic bags
• The State Customs Service will make customs declarations data available to the public
• Ukraine introduced sanctions against Belarus. Since May 26, an air connection with Belarus has been stopped. After May 29, Belarusian aircraft cannot fly over Ukraine

For further information on how you or your business can prepare for the new standards or to discuss your potential actions, please contact our Kyiv Tax and Legal Department at  kyiv@eurofast.eu.

Eurofast is a regional business advisory organisation employing local advisors in over 23 cities in South-East Europe & Middle East (SEEME). The Organisation is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in South-East Europe & the Middle East.  

9/6/21