Advertising in Ukraine is regulated mainly by the Advertising Act (the “Act”). Some aspects are also regulated by the TV and Radio Broadcasting Act, Printed Mass Media Act, Protection Against Unfair Competition Act, Copyright and Related Rights Act, Protection of Rights to Trademarks Act, Protection of Consumer Rights, Languages Act and others.The Act has recently become one of the most publicly debated laws in Ukraine ...
by Igor Shevchenko and Michael Kharenko, Shevchenko Didkovskiy & Partners The need for corporate governance regulation evolved as Ukraine gained its independence and began its transformation to a market economy. Privatisation of state companies has led to their reorganisation into joint stock companies with a diverse ownership base ...
1. Introduction With the further globalization of the world financial infrustructure accompanied by the persisting lack of international coordination in fiscal affairs? increasingly the attention of the major developed countries (in particular, such groupings as G 7 and G 10) is turned to the problems of erosion of national tax bases and international tax evasion/avoidance, as well as the role played in it be so-called tax haven ...
On 1 January 2004 Ukraine woke up to the new personal income tax. A development of the previous individual income taxation, this tax is, if anything more sophisticated. Its novelties will have a lasting impact on many of the tax planning strategies involving individuals. Without attempting a comprehensive analysis of the new tax, this article offers an outline of some of its major implications for tax planning. A ...
Corporate law issues in Ukraine are mainly regulated by the 1991 Enterprises Act, 1991 Companies Act, 1991 Ownership Act, 1991 Securities and Stock Exchange Act, and 1996 State Regulation of the Stock Market in Ukraine Act. As we can see, the majority of Acts laying down the basic concepts and principles of Ukrainian corporate law date back to 1991, when Ukraine gained its independence ...
On its way to a market economy, one of the primary tasks facing Ukraine is the development of its financial markets and, inevitably, elaboration of its finance laws. Although much remains to be done, the passing year has brought several major developments in the area of finance law: (a) introduction of the anti-money laundering system, (b) tightening of exchange controls and (c) further dramatic growth of the bond market, including the issue of corporate and municipal Eurobonds ...
Ukrainian Exchange Controls Have Always Been, if Anything, Overprotective. As More Ukrainian Companies Are Seeking Finance Abroad, Ukraine Has to Consider Adding Clarity and Certainty to its Exchange Controls in Order to FacilitateCross-Border Finance Regulatory imperfections. The system of Ukrainian exchange controls is based on the Decree of the Cabinet of Ministers of Ukraine On the System of Currency Regulation and Currency Control (the “Decree”) adopted back in 1993 ...
Interruption of Statute of Limitations It was interesting for the author hereof to read the article by Denis Mirgorodskiy “Application of the Civil Code in Promissory Note and Bill of Exchange Disputes” (Yuridicheskaya Praktika, #37, September 16, 2003). The author hereof appreciates Mr ...
On 10 July 2003 the Verkhovna Rada of the Ukraine adopted the Amendment to the Land Code of the Ukraine (Amendment) Act of the Ukraine. The Amendment came into force on 31 July 2003. Under this Amendment, Article 82 of the Land Code of the Ukraine (Land Code) is amended, the very article which regulates land ownership of legal entities ...
Aspects of Application of Period of Limitation in Promissory Note and Bill of Exchange Matters In recent years, a substantial growth of the bill of exchange and promissory note circulation has been observed in Ukraine. To a considerable extent, this growth was fostered by the expansion and normalization of the regulatory framework for negotiable instruments ...
The Internet is a rather young, but a very popular source of information for Ukrainian businesses and consumers. The Internet segment of the market has been actively developed recently and has acquired a high level of commercialization. According to the Ukrainian mass media, the number of Internet users in the Ukraine increased by over 70 % in 2002 ...
Project financing in emerging markets has been in use for some time, primarily for financing large new projects without any prior track record or operating history — greenfield projects. Emerging markets are in instant need of project financing as an effective instrument for economic investments. It facilitates attracting new investments by structuring the financing around the project's own operating cash flow and assets, without the additional guarantees of sponsors ...
Incoming Call ChargesIn February 2003 the Ukrainian Parliament overruled President Kuchma's December 2002 veto against an amendment to Article 12 of the Communications Law 1995. The amendment prohibits all telecommunications operators from charging their customers for incoming calls. On March 13 2003 the president duly signed the amendment, which will come into effect six months after its official publication (ie, on September 18 2003) ...
Mobile TeleSystems, Russia's leading mobile communications operator and one of the largest mobile operators in Eastern Europe, has acquired a 57.7% stake in Ukrainian Mobile Communications (UMC), the second largest Ukrainian mobile operator, for €194.2 million. In November 2002 Mobile TeleSystems signed a purchase agreement for 57.7% of UMC's shares. Under the agreement, Mobile TeleSystems was to acquire the 16 ...
Legal Framework for Advertising and Restrictions on Advertising of Tobacco Products and Alcoholic BeveragesAdvertising activity in Ukraine is regulated mainly by the Advertising Act1 and the Television Act2. The Advertising Act contains several various restrictions and bans relating to the advertising of tobacco products and alcoholic beve-rages. One of the most stringent restrictions applies to tobacco products and alcoholic beverages advertising on TV and radio ...
On Jan. 29, the National Bank of Ukraine adopted a regulation on the procedure for granting residents individual NBU licenses to transfer hard currency outside Ukraine as payment for monetary assets. According to this new regulation, prior to making a payment in hard currency to a non-resident seller of monetary assets - except for external government T-bills -, a resident purchaser must obtain from the NBU an individual license authorizing the remittance ...
