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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.

Botswana has become one of the countries that joined the OECD Plan.

As a member of the General Framework Program, Botswana from now on will work equally with other G20 members and OECD countries in developing further measures to combat the erosion of the tax base in the peer review process.

99 countries have joined the integrated structure of the OECD plan.

Switzerland and Kosovo have signed an agreement on avoidance of double taxation (DTA), which will limit certain income tax rates and avoid tax evasion.

The agreement was signed on May, 2017. Previous agreement DTA acted until 2011.

The DTA establishes a maximum income tax rate for dividends taxed at the source of 15 percent, while in some cases the rate is reduced to 5 percent. Royalties will be taxed only at the place of residence of the beneficial owner.

The National Bank of Ukraine pushes ahead with  liberalization of FX regulations  by easing restrictions  that have become inefficient,  the relaxation of which will not have a destabilizing impact on the interbank and cash segments of the FX market. Sustained favorable FX market conditions and balanced distribution of risks to the inflation projections enabled the regulator  to take further steps towards  easing of administrative restrictions in the FX market.

  • First, the NBU is lifting a ban on FX purchases if the customer’s own available funds held in accounts with banks exceed the equivalent of USD 100,000. Until now, a customer has been required to use his own FX holdings to settle his obligations.
  • Second, the regulator is lifting restrictions on  transfers abroad by individuals related to non-commercial operations.  Until now, individualshave been allowed to transfer up to the equivalent of UAH 150,000 per month (except in some cases).
  • Third, banks will be allowed to perform FX operations without limitation with regard to the group of the Classifier of Foreign Currencies and Investment Metals in both the interbank and international FX markets. Until now, banks have been authorized to perform FX operations exclusively  with foreign currencies assigned to one group of the Classifier except for operations that are executed in the interbank and international FX markets to settle obligations under import contracts, as well as  transactions involving the purchase of foreign currency of the first group of the Classifier that are executed in the international FX markets. Read more on the website of The National Bank of Ukraine.

China and Georgia signed a free trade agreement (FTA), which will eliminate the majority of tariffs on trade between the two countries. The Free Trade Agreement was signed on May 14 and is the first FTA signed between China and the Eurasian state. It is expected that it will enter into force early next year. Under the terms of the agreement, Georgia will cancel tariffs for 96.5 percent of tariff lines for five years, and China will eliminate tariffs for 93.9 percent of tariff lines for products from Georgia.

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