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Doing Business and Investing in Ukraine

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Doing Business and Investing in Ukraine www.pwc.com/ua Doing business and investing in Ukraine 2013 Edition Partner’s letter Contents I am very pleased to present the 2013 edition of our guide: Doing Business and 1 Country profile and investment climate 1 5.10 Customs audits 20 Investing in Ukraine. The guide is based on the laws as at 31 July 2013 and 5.11 Administrative issues 20 information made available through mid-July 2013. We prepared this new edition 1.1 Introduction 2 due to the number of significant changes that have been implemented since the 1.2 Government structure 2 6 Business entities 21 publication of our 2011 edition. 1.3 Legal system 2 6.1 Legal framework 22 1.4 People 2 6.2 Forms of business organisations 22 Ukraine, like many other countries in the region and around the globe today, 1.5 Economy 3 6.3 Net asset requirement 22 continues to face exceptional economic challenges. So far the country has weathered the storm better than many commentators had expected. Clearly, its 1.6 Foreign trade 4 6.4 Limited liability companies 22 geographic position and natural resources, as well as the ‘human factor’, have all 2 Business environment 5 6.5 Joint stock companies 23 played important roles in this achievement. Ukraine’s proximity to both the 6.6 Foreign directors 24 2.1 Business climate 6 European Union and Russia, the sheer quantity of its consumers (nearly 46 million) 6.7 Partnerships and joint activities 24 and the physical size of the country make it an excellent location for businesses to 2.2 Economic development plans 6 6.8 Branches 25 expand both locally and regionally. The 2012 UEFA European Football 2.3 Free trade zones 7 6.9 Representative offices 25 Championship was a success, and investment for that event has significantly 2.4 European Union, NATO, WTO 7 improved infrastructure (roads, railway, and airports). 6.10 Brief comparison of JSCs and LLCs 26 2.5 International agreements 7 2.6 Property market 8 7 Labour relations and social security 27 Free trade with the EU continues to be discussed, and there remains hope that this Bryan Disher may be signed by the year’s end. This would clearly increase the attractiveness of 2.7 Foreign investor associations 8 7.1 Labour relations and the Labour Code 28 Managing Partner Ukraine as an investment destination. Ukraine’s ratings in the World Bank ease of 3 Foreign investment and privatisation 9 7.2 Working conditions 28 doing business index, while still lower than we would hope, continues to improve. 7.3 Social security system 29 3.1 Foreign investment 10 The Ukrainian Government appears committed to improving the country’s 7.4 Foreign personnel 30 performance in the World Bank paying taxes survey, which should also continue to 3.2 Simplification of permit process 10 improve Ukraine’s attractiveness as an investment location. 3.3 Privatisation 11 8 Accounting and audit requirements 31 8.1 Accounting 32 For over 20 years PwC has been advising companies and individuals on how to do 4 Banking, finance and insurance 12 8.2 Chart of accounts 32 business in Ukraine. It is a challenging market, but it can be very rewarding. We 4.1 Banking system 13 8.3 Audit requirements 32 draw on our significant experience in the local market, as well as the strength of our 4.2 Foreign currency rules 13 international network to help to build value, manage risks and improve the 4.3 Specialised financial institutions 14 9 Tax system and administration 34 performance of your business in Ukraine. Apart from our vast experience in serving 4.4 Investment institutions 14 9.1 Tax system 35 multinational and blue chip Ukrainian companies, we have a particular focus on middle market and private clients with dedicated teams serving these segments. 4.5 Capital markets 14 9.2 Direct and indirect tax burden 35 4.6 Insurance 14 9.3 Principal taxes 35 A brief guide such as this cannot answer all your questions. However, it will provide 5 Importing and exporting 15 9.4 Legislative framework 36 you with some valuable insight into the Ukrainian market and make you better 9.5 Tax treaties 36 prepared to meet the challenges ahead. 5.1 Trends in customs policy 16 9.6 Administration of the tax system 36 5.2 Import restrictions 16 9.7 Registration requirements 36 We look forward to hearing from you and having the opportunity to work with you 5.3 Customs duties 16 in the future. 9.8 Tax returns and payments 36 5.4 Temporary import relief 17 9.9 Assessments 37 5.5 Customs duties incentives 17 August 2013 9.10 Appeals 37 5.6 Customs control 17 9.11 Withholding taxes 37 www.pwc.com/ua 5.7 Warehousing and storage 18 9.12 Tax audits 38 5.8 Exports 19 9.13 Penalties 38 5.9 Protection of intellectual property rights 20 9.14 Tax ruling 39 Doing business and investing in Ukraine iii 10 Taxation of corporations 40 Office locations in Ukraine 10.1 Corporate tax system 41 10.2 Incentives and special tax regimes 42 PwC’s offices in Ukraine are located at the 10.3 Gross income 43 following addresses: 10.4 Deductibility of expenses 44 10.5 Special tax rules 46 Kyiv office 10.6 Transfer pricing rules 47 75 Zhylyanska Street 10.7 Transactions with land 48 Kyiv, 01032 10.8 Other taxes 48 Country profile and Tel.: +380 44 490 6777 11 Taxation of individuals 50 Fax: +340 44 490 6738 11.1 Territoriality and residence 51 investment climate 11.2 Private entrepreneurs 52 Donetsk office 11.3 Gross income 52 51A Artyoma Street 11.4 Tax-exempt income 54 Donetsk, 83008 11.5 Deductions 54 Tel.: +380 62 202 8190 11.6 Foreign tax credits 54 Fax: +340 62 202 8191 11.7 Taxation of non-residents 55 11.8 Tax compliance 55 Dnipropetrovsk office 12 Value-added tax 56 1A K. Marks Avenue Dnipropetrovsk 49005 12.1 Introduction 57 Investor considerations • Ukrainian parliamentary elections Tel.: + 380 56 733 5010 were held on 28 October 2012.The 12.2 Taxable activities 57 • Ukraine has a population of 45.5 Fax: + 380 56 733 5015 Party of Regions won 185 seats (out of million people. The population has 12.3 Zero-rating 57 the total 445 seats) in the Ukrainian 12.4 Exempt supplies 58 decreased by 6% since 2001. Lviv office ParliamentImage and rule in a minority 12.5 Tax base 58 • Real GDP remained flat in 2012 coalition government. 72 Heroiv UPA Street (growth of 0.2% compared to 5.2% 12.6 Input tax credits 58 • Hints for business visitors may be Lviv, 79015 in 2011). The first six months of 2013 12.7 VAT compliance 58 found in Appendix A. Tel./Fax: +380 32 242 5305 have also been flat (or negative). 13 Introduction to PwC 61 • Nominal GDP for 2012 was USD 176.3 PwC in Ukraine 62 billion in comparison with USD 163.4 Assurance services 62 billion in 2011 (i.e. 8% growth). Advisory services 63 • The IMF and the Ukrainian Tax and legal services 63 government continue to discuss a Key contacts 65 new bailout program of up to USD 15 billion. Appendices 66 Appendix A – Hints for business visitors 66 Appendix B – Useful sources of information 67 Appendix C – Withholding taxes as at 1 July 2013 68 Appendix D – Selected customs duties and excise tax rates 71 Appendix E – Short form Chart of Accounts under Decree No. 291 72 Laws and regulations change constantly. For updated information, please check our website: www.pwc.com/ua Doing business and investing in Ukraine 1 1.1 Introduction the members of the Cabinet of Ministers region, plus Kyiv and Sevastopol), Religion Ukraine, located in the heart of Eastern based on nominations from the prime interregional courts of appeal and the The majority of the population are Europe and occupying a land area of minister. The current government is not Highest Commercial Court of Ukraine. members of one of the branches of the 603,700 sq km, is the second largest expected to change until the 2015 Orthodox Church. National holidays • The administrative court system country in Europe after Russia. It is presidential elections. include Christmas (January 7), Easter decides disputes involving state bordered by Poland, Slovakia, Hungary, and Holy Trinity Day. Around 8% of the authorities. Its structure mirrors the Moldova and Romania to the west, Administratively, Ukraine is composed population are Catholic, while 4% are commercial court system. Russia to the north-east, Belarus to the of 24 regions and the Autonomous Muslim (and mostly reside in the north and the Black Sea and the Azov Republic of Crimea. The cities of Kyiv Autonomous Republic of Crimea). Under the Constitution of Ukraine, the Sea to the south. and Sevastopol have special legal status. Supreme Court heads the judicial system Language and has the power to review decisions of Ukraine declared independence on 24 1.3 Legal system The official language is Ukrainian, all three branches of the court system. August 1991 following the dissolution of Ukraine is a civil law country. although a majority of the population is However, as a result of 2010 judicial the Soviet Union. On 1 December 1991, bilingual, speaking both Ukrainian and reform, the powers of this Court have 90.3% of voters approved a referendum The constitution, adopted in June 1996, Russian fluently. The 2012 law ‘On the been significantly diminished.
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