The EU has asked France to amend its income tax bill for taxpayers who receive income from foreign sources.

The European Commission stated that, according to the current rules, taxpayers living in France and receiving part of their income in another Member State of the European Economic Area may not avail themselves of the same personal and family tax benefits that apply to income received in France.

The Commission stated that France should comply with its request within two months. Otherwise it  may result to the transfer to the European Court.

Members of the G20 countries plan to introduce an automatic exchange of tax information on financial accounts In September. The project is expected to provide support to developing countries, including Ukraine. This project will be implemented under the BEPS plan. More than 100 countries have already joined the BEPS plan.

The National Bank of Ukraine has streamlined the decision-making procedure for maintaining the Register of accounting firms. In particular, the following changes were introduced to:

  • elevate decisions on whether to remove accounting firms  from the Register or to reject an application for being entered in the Register to a higher decision-making level. From now on, such decisions will be made by the NBU Board instead of the Committee on the Audit of Ukrainian Banks;
  • to prevent potential conflict of interests when decisions are being made by the Committee on the Audit of Ukrainian Banks;
  • to specify the time frame for the NU to make decisions related to the maintenance of the Register. Until now, the regulator has been given 15 days to review documents submitted by the accounting firm seeking to extend the validity of the Certificate beyond the expiry date. From now on, the NBU will be required to make the respective decision within 15 days.

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

The BVI Government has passed new legislation that requires Registered Agents for BVI entities to make certain information on the beneficial owners of all BVI companies and limited partnerships accessible by a secure Government search system. 

The legislation which governs the secure search system is called the Beneficial Ownership Secure Search System Act, 2017 was gazetted on 12th June, 2017 and it comes into effect on 30th June, 2017 (the "Boss Act").

The National Bank of Ukraine presses ahead with relaxing foreign exchange controls.  To this end, the regulator has simplified the rules governingtrading in foreign currency and investment metals in the interbank FX market of Ukraine and the international FX market.

The simplified rules shall apply to forward FX transactions, the NBU has broadened the range of transactions in investment metals performed by authorized banks,  the NBU has removed restrictions on cashless foreign exchange transactions for individuals other than entrepreneurs. Read more on the website of The National Bank of Ukraine.


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