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By the end of September, the legal status of Bitcoin cryptography will be determined in Ukraine.

According to the National Bank of Ukraine, its definition is complicated by the lack of a consolidated approach to the classification of Bitcoin and the regulation of transactions with it.

The National Bank has already started a dialogue with the Ministry of Finance, the DFS, the State Financial Monitoring Service, the National Securities and Stock Market Commission, and the National Commission for the regulation of financial services markets to develop a common position on the legal status of Bitcoin and its regulation.

The Association Agreement between the European Union and Ukraine fully entered into force.
The association agreement, including the free trade area is the main instrument of approchement between Ukraine and the EU, providing basis for modernizing trade relations and economic development of Ukraine by opening markets and harmonizing laws in accordance to EU standards, regulations and international norms.
The Agreement will ensure closer cooperation between Brussels and Kiev in areas such as foreign policy, justice, education, science and technology.

The UK tax authority, HM Revenue and Customs (HMRC), has issued a guide for enterprises to prepare country reports in the required format.

The CbC report is part of a new three-tiered standardized approach to the transfer of pricing documentation proposed under Action 13 of the OECD BEPS Project.

Taxpayers need to create a valid HML file that corresponds to the OECD scheme and send it to the HMRC using the reporting service, which will be available shortly.

According to a new report by the IMF, eurozone countries should reduce their labor taxes to increase employment, productivity and increase indirect taxes.

The IMF said that, despite the years required to implement tax reform, countries would benefit from adopting a more favorable combination of taxes and costs for growth.

IMF also said that Italy could finance a reduction in labor taxes by streamlining tax expenditures and extending the tax base, as well as introducing a modern property tax, while Germany would benefit from lower taxes on labor.

The NBU has simplified the terms and procedure for some transactions involving the purchase and transfer of foreign currency:

  • Tthe regulator has simplified the rules governing the purchase and transfer of foreign currency under transactions in domestic government bonds carried out by foreign investors. In addition, the NBU has set out the rules for carrying out transactions in domestic government bonds received by foreign investors through the conversion of depository receipts into domestic government bonds by the foreign bank.
  • Iin cases  when settlements under foreign investment operations and the subsequent return of foreign investment are carried out through one bank, a customer is allowed to submit a simplified package of documents, which shall be the basis for these operations;
  • The regulator has set out the rules governing the purchase of foreign currency  for the purpose of fulfilling liabilities in foreign currency by resident guarantor (surety)  under the loan agreements signed with authorized banks.

 Read more on the website of The National Bank of Ukraine.

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