Ilyashev & Partners has successfully represented JS Corrugating Machinery Co. Ltd. in the Kyiv Court of Appeals, which upheld the recognition and enforcement in Ukraine of China International Economic and Trade Arbitration Commission's USD 5 million award in favor of the company against LLC South Cardboard Ukraine, plus penalties and arbitration fees.
The widely discussed draft law 1210 has finally been signed by the President of Ukraine and come into effect on May 23 (Law No. 466). This is why business will have to adjust to new rules of the game. The Law mostly aims to implement the main measures under the BEPS Project, which our state undertook to do as early as in December 2019 by ratifying the MLI Convention.
The global financial crisis and the COVID-19 pandemic are impacting businesses all over the world so badly that many operations have stopped, exports have fallen and imports are being replaced by domestic consumption, and international corporations had to put on hold any expansion plans and their forays into other markets.
On 23 May 2020, Law of Ukraine “On Amendments to the Tax Code of Ukraine Aimed to Improve Tax Administration, Eliminate Technical and Logical Inconsistencies in Tax Legislation” No. 466-IX, dated 16 January 2020 (“Law”), came into force. The Law implements changes to tax legislation, including recommendations under the OECD Action Plan on Base Erosion and Profit Shifting (BEPS) and changes to tax administration procedures. Certain changes will come into force on 1 July 2020 and 1 January 2021.