On 21 July 2021, Law of Ukraine “On Amendments to Tax Code of Ukraine and Other Laws of Ukraine on Stimulating De-Shadowing of Income and Improving Tax Culture of Citizens by Introducing One-Time (Special) Voluntary Disclosure by Individuals of Their Assets and Payment to Budget of One-Time Duty” No. 1539-IX, dated 15 June 2021 (“Tax Amnesty Law”), entered into force.
On 2 July 2021, Law of Ukraine “On Amending the Tax Code of Ukraine on Abolition of Taxation of Income Received by Non-Residents in the Form of Payment for Production and/or Distribution of Advertisements and Improvement of Value-Added Taxation of Transactions Involving the Supply of Electronic Services by Non-Residents to Individuals” No. 1525-ІХ (the “Law”) entered into force. The Law introduces VAT on digital services supplied by non-residents to Ukrainian individual customers and abolishes 20% withholding tax on advertising services.
Avellum has advised State Road Agency of Ukraine Ukravtodor on a debut USD 700 million issuance of 6.25% guaranteed notes due 2028 with a benefit of the sovereign guarantee as well as the Ministry of Finance of Ukraine on the actual sovereign guarantee. Sayenko Kharenko and Linklaters advised managers J.P. Morgan, Dragon Capital, and Ukreximbank.
Lately, one of the key messages of the government to the public, and especially the investors, has been that Ukraine should be the next manufacturing and logistics hub. However, this idea is always followed by another recurrent note — Ukrainian infrastructure is in bad shape and desperately needs renovation.
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.
At the beginning of 2021, the Government of Ukraine published its decision No. 1581-p, dated 16 December 2020, on approval of the list of 102 investment projects prioritised by the State for 2021 – 2023 in such fields as culture and tourism, industry and manufacturing, energy, healthcare, transport, and sports. 76 out of 102 projects may be financed by investors, 47 of which – using a public-private partnership, including the concession framework.