Chamber News (#7-8 July-August 2020)

First meeting of National Reforms Council under President Zelensky

The President of the American Chamber of Commerce in Ukraine, Andy Hunder, delivered the voice of members and investors at the first meeting of the renewed National Reforms Council under Ukrainian President Volodymyr Zelensky. Four key issues were on the agenda.

Customs reform. Fighting “grey” imports, practical implementation of the Authorized Economic Operator concept, further improvement of the Single Window work along with the automation of customs procedures, and harmonization of Ukrainian legislation with the EU is vital.

Exit capital tax. The introduction of the exit capital tax must be in full compliance with the principles of tax legislation, in particular stability, as well as international obligations. It should not involve the introduction of new taxes or an increase in the current rate.

Plea agreements. Experts of AmCham member companies have developed the concept of establishment of the Institute of Agreements on the closing of criminal proceedings, which may help to reduce pressure on business, reduce the level of corruption in law-enforcement system, and fill the state budget.

Privatization and corporate governance. Transparent privatization is a strong signal to potential investors. The three-dimensional transparency of privatization — object, subject, process — is the key to its successful implementation. Strengthening corporate governance, as well as a transparent and well-structured process for selecting candidates for supervisory boards, is a must.

Ukraine has to move at the maximum speed of reforms to keep the economy running. The American Chamber of Commerce in Ukraine will contribute to this goal, using the professional expertise of 600+ member companies.

 

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