From July 1, a new procedure for applying the Common Standard on Reporting and Due Diligence for Financial Account Information CRS (Common Standard on Reporting and Due Diligence for Financial Account Information), approved by order of the Ministry of Finance dated May 26, 2023 No. 282, came into effect in Ukraine. This procedure establishes the procedures and norms necessary for financial institutions to fulfill the requirements. The list of information that financial institutions are required to include in reports on accountable accounts is indicated, as well as the procedures for proper comprehensive verification of existing and new accounts of individuals and organizations are described,
in particular, the order defines the following:
- a list of information that the accountable financial institution is required to establish and include in the report on accountable accounts for each accountable account it maintains;
- the requirements for due comprehensive verification are established for the purpose of identifying accountable accounts and the procedures for due comprehensive verification are described:
• existing accounts of individuals;
• new accounts of individuals;
• existing accounts of organizations;
• new accounts of organizations;
- special additional rules are established for the implementation of procedures, in particular, regarding reliance on self-assessment documents and documentary evidence, as well as regarding the aggregation of account balances and currency conversion;
- the procedure for performing the duties of an accountable financial institution is determined, including the determination of the status of an accountable financial institution, the application of due diligence measures to financial accounts, the implementation by the financial institution of the rules of due diligence of financial accounts to establish their accountability for the purposes of the CRS Multilateral Agreement, etc.
The new requirements for the verification of financial accounts and their reporting to the DPS apply to four categories of organizations defined by Section VIII of the General CRS Reporting Standard: depository institution (banks, credit unions, etc.); custodial institution (depository institutions performing depository activities, nominal holders); investment company (investment firms, joint investment institutes, asset management companies, etc.); designated insurance company (insurers, non-state pension funds). More information you could find out at the link: https://lmfgr.com/tpost/04h9tb9fi1-zmni-v-zakonodavstv-za-berezen-2023-pd-c
On July 2, the law of Ukraine was adopted No. 3136-IX, which aimed at updating the national advertising legislation and making changes to the Laws of Ukraine "On Media" and "On Cinematography". The law is also aimed at fulfilling the requirements of the European Union regarding the reform of media legislation for the acquisition of EU membership. The law provides for the implementation of some provisions of Directive 2010/13/EU of the European Parliament and of the Council of March 10, 2010 on audiovisual media services, as well as amendments made by Directive (EU) 2018/1808 of November 14, 2010.
The new advertising legislation will improve the regulation of legal relations in the field of advertising and will determine the criteria by which advertising falls under the jurisdiction of Ukraine. It also aligns terminology with the Media Act and the Audiovisual Media Services Directive. New concepts such as "custom content" and "product placement" are being introduced.
Among other amendments made, the law includes the following:
· A ban on product placement (product placement) of gambling games was implemented;
· It has been established that joint regulatory bodies in the field of media, through the adoption of relevant codes (rules), determine the requirements for the dissemination of information in the media about the sponsor's trademarks, other objects of intellectual property law, under which the activity of organizing and conducting gambling is carried out;
· It is established that joint regulatory bodies in the field of media, by adopting relevant codes (rules), determine the requirements for the distribution in the media of advertising of gambling games, trademarks, other objects of intellectual property law, under which the activity of organizing and conducting gambling games is carried out, and as well as other designations under which gambling is conducted.
· Added a violation related to failure to meet the requirements of the registry within three months and incorrect territorial category.
· The Gambling and Lottery Regulation Commission (GLRC) is included in the list of regulatory bodies in the field of advertising, which, within the limits of its powers, monitors compliance with the legislation of Ukraine on advertising - regarding advertising in the field of organizing and conducting gambling games. Prohibition of placing advertisements on the Internet on the website, Internet address (domain name, unified resource locator (URL) or Internet Protocol address), which, according to the information of the World Intellectual Property Organization, is included from Ukraine in the national list of websites (database, blacklist, WIPO ALERT) that raise concerns about the observance of intellectual property rights. Only those sites that systematically ignore requests from rights holders to eliminate violations can be included in such a list.
· The law exempts subjects of public audiovisual media services from paying a license fee for issuing or extending the term of media licenses, as well as changing the register of media licenses.
· Internet advertising also falls under the regulation, a norm is emerging dedicated to the regulation of advertising on platforms for sharing access to video and information, as well as using electronic communications (in messengers, e-mail, messaging services, websites, chatbots, etc.).
· Requirements for entities in the field of print media to keep copies of each issue for a year after their distribution, as well as a requirement for registered licensees to confirm their details by going through the registration procedure within a year after the date of entry into force of the Law "On Media". The licenses of such subjects become invalid after registration or after the end of a year from the date of entry into force of the Law "On Media".
This Law enters into force since 02 of October, 2023.
On July 14, the Verkhovna Rada of Ukraine adopted a draft law that creates conditions for the digitization of apartment building management processes, including the activities of apartment building owners' associations.
The draft law provides for the possibility of informing the owners about meetings, decisions, protocols and other issues of common property management in electronic form. It is also possible to hold meetings of owners and general meetings of condominiums online or in a mixed format (offline-online). Among other things, the project proposes to reduce the decision-making threshold to 50%+ (except for certain issues). This change is due to the fact that many residents are passive and not interested in management. The bill also enables electronic voting using a qualified electronic signature (QES). The purpose of the draft law is to increase the efficiency of the management of multi-apartment buildings.
Changes to the maintenance of terminals in terms of conducting transactions through STSC systems (Software and technical self-service complex).
Starting from August 1 , receipts generated during cash transactions using payment devices must contain the payer's mobile phone number. Also, when initiating a cash deposit operation through STSC to be credited to the payer's account, you must enter your mobile phone number on the STSC screen, get a one-time password for this number and enter it on the STSC screen to confirm your consent to the payment transaction and receive a receipt.
These requirements apply only to cash deposit operations through STSC and do not apply to other payments, such as payment of utilities, tickets for railway transport, payment of fares in city and suburban transport, etc.
July 27 Verkhovna Rada of Ukraine supported extension of validity period martial law in the country.
Thus, according to the approved document, the period of martial law is extended from 05:30 on August 18, 2023 for a period of 90 days, i.e. until November 15, 2023.
This Law enters into force from the day of its publication.
The Verkhovna Rada also adopted draft law No. 9533 on the extension of the holding period general mobilization. Therefore, the deadline general mobilization continues from August 18, 2023 for 90 days, until November 15, 2023.
! We remind you that from August 1 the 2% rate for the third group of payers of Uniform tax (single tax known as Edynyi podatok – EP) is cancelled.
Thus, from the beginning of the following month everyone entrepreneurs who chose 2% of the EP will be returned to them previous rates of the Uniform tax or on the taxation system. In case, if entrepreneur registered for the period effect of the rate of 2% EP, it will be automatically transferred to 5% EP.
Also for entrepreneurs who refused from the EP tax of 2% and switched to the general taxation system, possible second transition to a Uniform tax during 2023 but for this you need to submit an application for switching to the Uniform tax until September 1, 2023. More details about accepted changes to the Tax Code are possible find out at the link : https://lmfgr.com/tpost/5bpe5jf9g1-zmni-v-zakonodavstv-za-cherven-2023r-pd.
in particular, the order defines the following:
- a list of information that the accountable financial institution is required to establish and include in the report on accountable accounts for each accountable account it maintains;
- the requirements for due comprehensive verification are established for the purpose of identifying accountable accounts and the procedures for due comprehensive verification are described:
• existing accounts of individuals;
• new accounts of individuals;
• existing accounts of organizations;
• new accounts of organizations;
- special additional rules are established for the implementation of procedures, in particular, regarding reliance on self-assessment documents and documentary evidence, as well as regarding the aggregation of account balances and currency conversion;
- the procedure for performing the duties of an accountable financial institution is determined, including the determination of the status of an accountable financial institution, the application of due diligence measures to financial accounts, the implementation by the financial institution of the rules of due diligence of financial accounts to establish their accountability for the purposes of the CRS Multilateral Agreement, etc.
The new requirements for the verification of financial accounts and their reporting to the DPS apply to four categories of organizations defined by Section VIII of the General CRS Reporting Standard: depository institution (banks, credit unions, etc.); custodial institution (depository institutions performing depository activities, nominal holders); investment company (investment firms, joint investment institutes, asset management companies, etc.); designated insurance company (insurers, non-state pension funds). More information you could find out at the link: https://lmfgr.com/tpost/04h9tb9fi1-zmni-v-zakonodavstv-za-berezen-2023-pd-c
On July 2, the law of Ukraine was adopted No. 3136-IX, which aimed at updating the national advertising legislation and making changes to the Laws of Ukraine "On Media" and "On Cinematography". The law is also aimed at fulfilling the requirements of the European Union regarding the reform of media legislation for the acquisition of EU membership. The law provides for the implementation of some provisions of Directive 2010/13/EU of the European Parliament and of the Council of March 10, 2010 on audiovisual media services, as well as amendments made by Directive (EU) 2018/1808 of November 14, 2010.
The new advertising legislation will improve the regulation of legal relations in the field of advertising and will determine the criteria by which advertising falls under the jurisdiction of Ukraine. It also aligns terminology with the Media Act and the Audiovisual Media Services Directive. New concepts such as "custom content" and "product placement" are being introduced.
Among other amendments made, the law includes the following:
· A ban on product placement (product placement) of gambling games was implemented;
· It has been established that joint regulatory bodies in the field of media, through the adoption of relevant codes (rules), determine the requirements for the dissemination of information in the media about the sponsor's trademarks, other objects of intellectual property law, under which the activity of organizing and conducting gambling is carried out;
· It is established that joint regulatory bodies in the field of media, by adopting relevant codes (rules), determine the requirements for the distribution in the media of advertising of gambling games, trademarks, other objects of intellectual property law, under which the activity of organizing and conducting gambling games is carried out, and as well as other designations under which gambling is conducted.
· Added a violation related to failure to meet the requirements of the registry within three months and incorrect territorial category.
· The Gambling and Lottery Regulation Commission (GLRC) is included in the list of regulatory bodies in the field of advertising, which, within the limits of its powers, monitors compliance with the legislation of Ukraine on advertising - regarding advertising in the field of organizing and conducting gambling games. Prohibition of placing advertisements on the Internet on the website, Internet address (domain name, unified resource locator (URL) or Internet Protocol address), which, according to the information of the World Intellectual Property Organization, is included from Ukraine in the national list of websites (database, blacklist, WIPO ALERT) that raise concerns about the observance of intellectual property rights. Only those sites that systematically ignore requests from rights holders to eliminate violations can be included in such a list.
· The law exempts subjects of public audiovisual media services from paying a license fee for issuing or extending the term of media licenses, as well as changing the register of media licenses.
· Internet advertising also falls under the regulation, a norm is emerging dedicated to the regulation of advertising on platforms for sharing access to video and information, as well as using electronic communications (in messengers, e-mail, messaging services, websites, chatbots, etc.).
· Requirements for entities in the field of print media to keep copies of each issue for a year after their distribution, as well as a requirement for registered licensees to confirm their details by going through the registration procedure within a year after the date of entry into force of the Law "On Media". The licenses of such subjects become invalid after registration or after the end of a year from the date of entry into force of the Law "On Media".
This Law enters into force since 02 of October, 2023.
On July 14, the Verkhovna Rada of Ukraine adopted a draft law that creates conditions for the digitization of apartment building management processes, including the activities of apartment building owners' associations.
The draft law provides for the possibility of informing the owners about meetings, decisions, protocols and other issues of common property management in electronic form. It is also possible to hold meetings of owners and general meetings of condominiums online or in a mixed format (offline-online). Among other things, the project proposes to reduce the decision-making threshold to 50%+ (except for certain issues). This change is due to the fact that many residents are passive and not interested in management. The bill also enables electronic voting using a qualified electronic signature (QES). The purpose of the draft law is to increase the efficiency of the management of multi-apartment buildings.
Changes to the maintenance of terminals in terms of conducting transactions through STSC systems (Software and technical self-service complex).
Starting from August 1 , receipts generated during cash transactions using payment devices must contain the payer's mobile phone number. Also, when initiating a cash deposit operation through STSC to be credited to the payer's account, you must enter your mobile phone number on the STSC screen, get a one-time password for this number and enter it on the STSC screen to confirm your consent to the payment transaction and receive a receipt.
These requirements apply only to cash deposit operations through STSC and do not apply to other payments, such as payment of utilities, tickets for railway transport, payment of fares in city and suburban transport, etc.
July 27 Verkhovna Rada of Ukraine supported extension of validity period martial law in the country.
Thus, according to the approved document, the period of martial law is extended from 05:30 on August 18, 2023 for a period of 90 days, i.e. until November 15, 2023.
This Law enters into force from the day of its publication.
The Verkhovna Rada also adopted draft law No. 9533 on the extension of the holding period general mobilization. Therefore, the deadline general mobilization continues from August 18, 2023 for 90 days, until November 15, 2023.
! We remind you that from August 1 the 2% rate for the third group of payers of Uniform tax (single tax known as Edynyi podatok – EP) is cancelled.
Thus, from the beginning of the following month everyone entrepreneurs who chose 2% of the EP will be returned to them previous rates of the Uniform tax or on the taxation system. In case, if entrepreneur registered for the period effect of the rate of 2% EP, it will be automatically transferred to 5% EP.
Also for entrepreneurs who refused from the EP tax of 2% and switched to the general taxation system, possible second transition to a Uniform tax during 2023 but for this you need to submit an application for switching to the Uniform tax until September 1, 2023. More details about accepted changes to the Tax Code are possible find out at the link : https://lmfgr.com/tpost/5bpe5jf9g1-zmni-v-zakonodavstv-za-cherven-2023r-pd.
