Let us inform you about the changes in the legislation of Ukraine that came into effect on January 01, 2011.
1. The new Law of Ukraine No. 2297-VI “On Personal Data Protection” (“the Law”) and the Convention on automated personal data processing and Additional Protocol to it were signed on 24 June 2010 and came into effect from January 01, 2011. The Law regulates relations in the area of personal data protection in the course of data processing. Due to above mentioned Convention the countries that ratified it should take measures to protect personal data, and also it defines the right of a physical person to know about the existence of data file with his/her personal data.
2. The Law of Ukraine dated 08.07.2010 No 2464-VI “On Collection and Registration of the Single Contribution for Comprehensive State Social Insurance” amended in line with the Tax Code dated December 02, 2010, became effective since January 01, 2011. The single contribution for comprehensive state social insurance has been already put into operation, and functions regarding administering of contributions to all state social insurance funds were passed to the Pension Fund of Ukraine.
3. The Law of Ukraine dated 09.09.2010 No 2511-VI “On the changes to certain legislative acts of Ukraine regarding the circulation of bonds” (“the Law”) came into force on 01.01.2011. The Law regulates aspects connected with the violation of the established requirements for the circulation of bonds. In particular, in accordance with the Law, the bond noted by the notary public is an enforcement document. The Law provides that the issue of a bond without a monetary debt for the products actually delivered, works completed or services rendered, or no provision in the respective agreement to make settlements using bonds or specifying a larger payment amount under the bond than the amount of the respective liabilities, results in a penalty ranging from four to five hundred times the amount of the tax free personal minimum income. The penalty is paid by a bill drawer.
4. The Tax Code of Ukraine dated 02.12.2010 No 2755-VI, and the Law dated 02.12.2010 No 2756-VI “On the changes to some legal acts of Ukraine connected with the adoption of the Tax Code” (“the Law”) preserved simplified taxation system, but introduced some changes to it. The real estate tax entered into force and administering of tax was essentially reformed. The Law also amplifies the rights of controlling and business activities inspection bodies, etc.
Please note also that the Law of Ukraine “On Amendment of Certain Laws of Ukraine with the Purpose of Overcoming the Negative Consequences of the Financial Crisis” dated 23.06.2009 No 1533-VI that limited the possibility to render foreign currency loans to natural persons (individuals) lost effect from January 01, 2011.
In case you’re interested in further details concerning the above mentioned changes, feel free to contact us at [email]ukraine@accace.eu[/email] or via tel.: +38 044 569 3310.
Your accace team.
