On 8 October 2012, the President signed a new Cyprus-Ukraine Double Taxation Convention providing for the taxation of, among other things, passive income (dividends, interests, and royalties).
It is a reminder that the general rate of withholding tax is 15%. Income payments to Cyprus are fully exempt from tax in accordance with the old Cyprus-USSR Double Tax Treaty dated 29 October 1982.
There are less than 10 days remaining until some significant changes in the investigation of tax disputes and tax crimes are to come into force together with Ukraine’s new Code of Criminal Procedure dated 13 April 2012.
Ukrainian legislation provides separate legal regimes for international commercial and domestic arbitration. Issues related to domestic arbitration between Ukrainian parties (legal entities or individuals) are generally regulated by the Law of Ukraine “On Domestic Arbitration Courts” , whereas international commercial arbitration having the seat of arbitration in Ukraine is primarily governed by the Law of Ukraine “On International Commercial Arbitration” (“ICA”).
Sea ports industry of Ukraine may experience revival under to the new law approved by the parliament of Ukraine on May 17, 2012. If signed by the President, the Law on the Sea Ports of Ukraine will come into force in one year upon its publication.
On May 24, 2012 the Verkhovna Rada adopted Law “On State Support of the Software Industry” (“Law No. 8267”) which is a framework for economic experiment of creating favorable conditions for Ukrainian IT sector development.
The Higher Commercial Court of Ukraine announced its Order 15 of 26 December 2011 that allows cancelling merger transactions entered without approval of the Antimonopoly Committee of Ukraine.
Enforcement proceedings constitute the final stage of civil/commercial litigations and involve a series of activities carried out by the bodies and officers responsible for the enforcement of court judgments (including foreign judgments).
