#07-08 July-August 2012

In focus – Agriculture

The global demand for food products is probably the most dynamically growing one. In light of this the status of Ukraine as an agrarian state generates dramatically new meaning, context and implications.

Despite a number of regulatory restrictions, Ukrainian agribusiness has become the rainmaker for attracting funds on international capital markets, pursuing transparent corporate and management structures, expanding manufacturing profiles and competences through M&A transactions and initiation of trade disputes

Expert Opinion

Interests of Agricultural Producers: to Recognize or to Ignore?

Oleksandr A. Shyshkanov

Contrary to predictions, agricultural producers have more concerns than positive expectations concerning the future completion of the land reform. On one hand, lifting of the moratorium for sale of agricultural land is a long-anticipated event that is viewed by experts and market participants as the attribute of the further development of the agroindustrial complex. On the other hand, the Draft Act On Land Market that was passed by the Verkhovna Rada of Ukraine in the first reading in December 2011 does not meet the relations that prevail at present in domestic agriculture...

In Re

The EU Ukraines Free Trade Agreement: Where Do we Go in Agriculture?

Dmytro S. Kiselyov

On the advent of Ukraines hosting of the EURO 2012 football tournament, there has been progressive discussion of Ukraines geopolitical place in the modern world and what particular pathway should be chosen by Ukraine for further integration into the global economy. Actually, few options for Ukraine remain and one of them is integration with Europe, in particular with the European Union (EU). It is clearly understood that in order to integrate on political and the social side it is very important to integrate the developing economy of Ukraine into the European market

State Support of Agricultural Producers in Ukraine

Oleksiy O. Demyanenko

The basic principles and types of state support for agricultural producers in Ukraine are established by the On State Support of Ukraines Agriculture Act of Ukraine of 24 June 2004 and effective from 1 January 2005 (the Agriculture Support Act). The amounts of funds allocated under the relevant state support programs are determined annually by the On the State Budget Act of Ukraine

Peculiarities of Agricultural Insurance Legal Regulation with State Support

Oleksii O. Kominarets

The specificity of agricultural production as a form of economic activity in agrarian business, its seasonality, dependence on climatic and natural conditions, increased risk of agricultural production loss stipulate the development and implementation of effective mechanisms for insuring the manufacturing risks incurred by agricultural producers.

Thus, according to statistics of 2011, Ukraine is ranked number two in corn export turnover (after the USA) and number three among the grain exporters in general (after the USA and EU countries combined)

Legal Aspects of Agricultural Holdings in Ukraine

Alexander Weigelt, Oleg A. Klymchuk

The formation of agricultural holdings (AH) in Ukraine as modern corporate structures in the agricultural sector is a relatively new business trend. It has emerged during the last 4-6 years and is characterized by professionalization of agricultural operations and vertical and horizontal integration into one corporate structure. Today, more than 25 AH exist in Ukraine, accumulating not only significant land banks (according to some sources about 4 million hectares), but also advanced technologies and management up to international standards

Hot Issue

M&A in Agricultural Sector

Alexander I. Borodkin

Transactions for acquisition of agricultural companies and their assets have certain specifics as compared to other M&A transactions. These specifics come from the very nature of agricultural business. Understanding the peculiarities of agricultural business allows lawyers and other advisors to better structure the transaction in whole, choose proper contractual instruments and collaterals, and propose workable time and settlement schedules. The article provides an overview of some industry-specific factors to be taken into account in conducting M&A transactions in the agricultural sector...

Global Legal Update

Effectiveness of Notices in International Trade under the Rules of the Grain and Feed Trade Association

Ivanna A. Dorichenko

After nearly 10 years since the authors first article on subject we are back to where we started: there is nothing more important for the parties to an international trade transaction than effective communication. This includes not only knowing what is to be said but also making sure that it has been expressed in an appropriate manner, within sometimes very specific time limits and with due account of the consequences that may or will follow...

Business Lunch

Work under Force-Majeure Circumstances

Severe weather conditions during the 2012 winter have obviously caused serious negative consequences for business. The mass media and official sources have repeatedly announced the news related to a difficult ice situation in the Sea of Azov and the Black Sea as a result of which the loading/unloading in ports and vessels sailing to the destination were significantly delayed...

Case Law

Merchant International Co Ltd vs. National JSC Naftogaz of Ukraine: A Tale of Two Cities

Richard Perkoff

In April 2006 the Kiev Commercial Court gave judgment in favour of Merchant International (MIC) against Naftogaz for over USD 29 million and costs. The Supreme Commercial Court of Ukraine reduced this amount on appeal. In September 2006 the Supreme Court of Ukraine refused to permit a Cassation appeal to review the SCCUs judgment of 29 June 2006. It further ruled that its judgment was final and could not be appealed...

Crux

Tax Code of Ukraine One Step Ahead

Andriy Buzhor

On 24 May 2012 Ukrainian Mps adopted the On State Support of the Software Industry Act of Ukraine, No.8267 and the On Amendments to the Tax Code of Ukraine Concerning the Special Regime of Taxation of the Software Industry Products Act of Ukraine, No.9744, aimed at encouraging the development and boosting of the global competitiveness of the Ukrainian IT industry...

Vladyslav Golubovskyi

The issue of electronic issue of tax invoices was recently resolved by the Ukrainian Parliament. On 24 May 2012 the latter passed Draft Act No.9661-d, which allows taxpayers to issue tax invoices in an electronic form after its registration in the Unified Register of Tax Invoices

Alexey Khomyakov

The recently adopted Draft Act On Amending the Tax Code of Ukraine Concerning Improvement of the Certain Tax Provisions, No.9661-d has finally been signed by the President of Ukraine. Below we outline the key changes to the tax legislation, as introduced by the Draft

Iryna Pavliuk

It seems natural that the number of appeals against decisions by the tax authorities has rapidly increased with the adoption of the new Tax Code of Ukraine, just like with the introduction of any substantial amendments to Ukrainian tax laws

Networking

Family Picnic in Riviera

On 24 June 2012 the beauty and green cottage area Riviera Villas kindly hosted the Second Annual Family Picnic of the Stolypin Club.

Walking in the silent street through cottages and pines, the Club members got themselves onto the green lawn, where everything for a family holiday was ready

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