News (#6 June 2018)

Draft

Draft Law on formation of Anti-Corruption Court

The Verkhovna Rada Committee for Legal Policy Issues has approved the Draft Law On the Supreme Anti-Corruption Court, giving the green light for its establishment when it is submitted for consideration by MPs in the second reading.

At the same time, the Committee failed to reach agreement on two provisions of the Draft, including on the key one – the power of veto to be granted to international experts regarding candidates for the post of judge of the Supreme Anti-Corruption Court.

On 22 December 2017 the presidential Draft Law On the Supreme Anti-Corruption Court was registered with the Verkhovna Rada. Four alternative draft laws submitted by MPs were also registered with Parliament.

A number of international partners of Ukraine outlined tough demands to Kiev as a result of the presidential draft.

 

Verkhovna Rada adopted Law On Currency in the first reading

On 19 March the Draft Law On Currency was submitted to the Verkhovna Rada and earmarked by the President Petro Poroshenko as an urgent one for consideration.

On 10 August 2017, the NBU published the Draft On Currency, which was intended to become a single legislative act determining the procedure for the currency regulation organization and the currency control in the country, on its official website for public discussion.

At present, the Decree of the Cabinet of Ministers On Currency Regulation and Exchange Control System 1993 is the main statutory instrument regulating the currency market.

 

Export duty on scrap metal increased

The Verkhovna Rada has introduced amendments to the Law On Amending Certain Laws of Ukraine on Reducing Deficits of Ferrous Steel Scrap in the Domestic Market, which raised the export duty rate from EUR 30 per tonne to EUR 42 per tonne and extended it for another year.

Initially, it was planned to extend the duty for another three years, from the currently valid two years to five years, but the period was prolonged for one year, until 14 September 2019.

In the explanatory note to the Draft registered in early April of this year, it was stated that after the export duty increase from EUR 10 per tonne to EUR 30 per tonne during 2017, there was a tendency of increase in metal scrap storage in Ukraine by 7.8% compared to 2016.

This enabled the keeping of positive dynamics of metal scrap supplies to domestic metal producing enterprises: last year these increased by 1.85% on the previous year, and production volumes also increased.

At the same time, MPs considered it necessary to increase export duty for metal scrap to EUR 42 per tonne because of the rise in its prices on foreign markets, which, will allow a reduction in metal scrap exports by 42%.

A delegation of the European Union to Ukraine issued an appeal not to extend the duty against metal scrap exports, since this step would violate the agreement with the EU on removal of these duties.

As a result, Parliament approved the President’s proposals and extended the duties for one year. The President signed the law in August 2017.

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