#11 November 2015

In focus – Trade & Customs

Cross-border trade is, in tandem with Foreign Direct Investment, basically the key pillar of a countrys economic growth. Its role in a states economic policy is pivotal, if not enabling.

No wonder that all the steps being taken towards facilitating trade are sensitive inside the country as well as beyond its borders. And the situation at the end of 2013 around EU-Ukraine Association Agreement is a perfect example of this statement...

With the support of Tax Regulation

A great deal of attention has been paid recently to transfer pricing, since it is through pricing mechanisms that multinational companies withdraw their profits from taxation. Even by the most conservative estimates, the sum lost taxes in the world amount to hundreds of billions dollars per annum.

In 2013, at the request of the G20 countries, the BEPS Action Plan (Base Erosion and Profit Shifting) was adopted, which is described by many experts as the most fundamental changes in international tax rules...

Expert Opinion

Currency Restrictions: How to Get Through

Stanislav S. Lobko

Ukrainian currency legislation has neven been known to have a liberal stance: surrender of export earnings, repatriation funds, ad hoc licensing of foreign investments and so on are not commonly accepted worldwide as a measures of sound monetary policy. Yet, at the very start of the worst Ukrainian crisis the National Bank of Ukraine (the NBU) imposed far more restrictions facing the outflow of capital abroad and the extreme devaluation of national currency. In this article we will analyse most of them and outline the best practice of how business tries to get through...

In Re

Risks & Prospects of Trading with Crimea

Oleg O. Milchenko, Andriy V. Selyutin

The problem behind trade with Crimea has been causing inconveniences for Ukrainian business for more than one year and it is far from being resolved (or at least from a resolution acceptable for business). Setting aside all the political disputes around the Crimean conflict, it should be admitted that Ukrainian business does not want to lose its trading relations with Crimea, notwithstanding the status of the peninsula. However, the legal reality is not friendly for business initiatives on the part of Ukrainian merchants in Crimea...

Import of Drugs and Medical Devices: Analyzing Hot Issues

Viktoriia Y. Fomenko

It is well known that in recent years the importation of drugs and medical devices has been quite a big issue, whereas the importation of unregistered drugs (e.g., drugs used for clinical trials) is among the hottest topics. The main concerns relating to the importation of drugs are (1) the application of a 7% VAT rate instead of 20% on the import of unregistered drugs; (2) questionable cases of application of the 7% VAT rate on imported drugs and medical devices. We will look into these issues in more detail...

WTO Trade Facilitation Agreement New Opportunities for Ukraine

Dr. Viktor V. Dovhan

In December 2013 WTO members concluded negotiations on a Trade Facilitation Agreement (hereinafter TFA) at the Bali Ministerial Conference, as part of the wider Bali Package. Since then, WTO members have undertaken a legal review of the text. In line with the decision adopted in Bali, WTO members adopted a Protocol of Amendment on 27 November 2014 to insert the new Agreement into Annex 1A of the WTO Agreement. The TFA will come into force once two-thirds of WTO members have completed their domestic ratification process1...

News

Deals

EPAP Ukraine advised Nokia

Avellum Partners advised Mohawk Industries, Inc

Acquisition by Actavis of Allergan company

Sytnyk & Partners advised Robert Bosch GmbH

DLA Piper advised shareholders of Pharma Start

Avellum Partners advised Bayer AG

Cases

Oleksandr Yanukovych filed suit against Ukraine

Linkedin to pay USD 13 million for mail-out

Court blocked accounts of 14 offshore companies belonging to Serhiy Kurchenko

The EU equated Bitcoin to traditional currencies

Portnov vs. the EU Council

Draft

Bankruptcy

Private contractors

Amendments to the Criminal Procedure Code

Enforcement proceedings

Alternative fuels

Law Digest

E-Commerce

Chember news

Draft Act on Financial Restructuring

UBA news

IV UBA Judicial Forum

Biznews

AMCU

Applications for prior merger clearance changed

The State Aviation Service was given binding recommendations

Antitrust

Suppliers of optical disc drives fined for cartel

IT/Telecommunications

Ingenico Group and Intel to speed up deployment of securely connected devices

Banking & Finance

Naftogaz signed credit agreement with the EBRD for USD 300 million

Ban on use and circulation of virtual currency/cryptocurrency

Argument

argo Vessels in Ukrainian Ports: Number of Formalities Reduced

Anna . Denisova, Oleksandra R. Novikova

The number of formalities for cargo vessels in Ukrainian ports has been reduced from 8 September 2015 by the coming into force of Resolution No.491 of Cabinet of Ministers of Ukraine of 7 July 2015. As a result, the average time spent in port by a vessel is going to be cut, while port throughput will be increased, as the Ukrainian Ministry of Infrastructure claims, by 15-20%. The aim to prevent and/or counteract possible corruption acts, conducted by Ukrainian regulatory authorities officials and other individuals, during a ship inspection, may well be achieved. Apart from practical effects, this Resolution also approximates Ukrainian legislation to European standards, which corresponds to the national policy of European integration...

Cover Story

Constant Advice

International disputes in the agrarian sector have always developed as a separate legal service segment. The international rules and institutions governing this area enjoy an incredible level of credibility and enforcement. Recent political changes affect agrarians and the nature of disputes that are unusual for Ukraine. Disputants expect and demand more from their legal advisors, especially when it comes to unsuspected difficulties and consequent losses. The UJBL tackles the recent state of play with arbitration challenges with AGA Partners, a bright Ukrainian team focused on sectoral legal assistance. What does the firm face in its client workflow, and how does it respond? We asked three partners: Aminat Suleymanova, Ivan Kasynyuk and Irina Moroz. This is what they told us...

Venue

Vienna Legal

Around 6,000 representatives of the legal profession from across the globe converged on Vienna for the IBA Annual Conference on 4-9 October.

The legal week was unveiled at the opening ceremony byDavid W. Rivkin, President of the IBA, who gave a warm welcome to delegates. The highest standards of the law and our ability to cause meaningful change are also the driving force behind my Presidential initiatives. The IBA is making a lasting contribution to civil society on a large scale by using the remarkable expertise available to us, Mr. Rivkin stressed...

In-House Challenges in Practice

On 13 October 2015 Yuridicheskaya Practika Publishing held the III In-House Counsel Forum. The event brought together practising lawyers and partners of Ukrainian firms, heads of legal departments of leading Ukrainian companies, representatives of public authorities and courts. This year the sessions covered a wide spectrum of issues, like management of legal department, court practice, compliance, tax and banking matters...

Crux

Changes Abound

The last few months have seen new legislative changes and developments in various dimensions of business regulations. In this section the UJBL editorial team has enlisted the help of experts to comment upon some of them. Our latest digest includes, to a greater extent, initiatives that touch upon tax reform, e-commerce, transfer pricing, preventing corruption, intellectual property and not only.

Subscribe
The Ukrainian Journal of Business Law

Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print.

All this for just USD 9.99 a month.

 

Subscribe now

.