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Business News Digest for July?

De-shadowing of citizens' incomes

The law on declaring the assets of individuals came into force. As of September 1, 2021, everyone can declare their assets once and voluntarily, and it is not necessary to indicate their origin.

The following are subject to declaration: 

- real estate: apartments over 120 sq.m. m, a house over 240 square meters. m; 

- non-residential premises over 60 sq.m. m;

- land plots, the size of which exceeds the norms of free transfer;

- vehicles worth over UAH 400,000;

- securities;

- shares in business.

Of the assets specified in the declaration, the declarant must pay 5% of the declared funds and the value of the property. In case of payment of fees, the state guarantees exemption from liability for violations of tax and currency legislation, as well as non-disclosure of the submitted information.

In Ukraine, the receipt of electronic public services is automated

On July 22, the Law “On Peculiarities of Providing Electronic Public Services” was adopted and sent to the President for signature. From now on, most documents on the interaction of citizens with the state will be stored in state registers and databases. To register a business for the most popular types of economic activity, you will need to submit only one electronic application, for this you only need to identify yourself with the help of EDS. 

Changes in agricultural insurance

Previously, only those insurers who had the appropriate license and were a member of the Agrarian Insurance Pool, an association of insurers, could insure agricultural products. As the pool did not start working properly, the new version of the law eliminated the requirement for membership in the pool.

Now you only need a license to insure agricultural products.

The changes also added mandatory requirements to the contract of insurance of agricultural products with state support:

  • determined the subject of insurance: crops, perennials and their crops, animals, income from sales;
  • established insurance risks: provided by law (hail, storm, drought, earthquake) and others specified in the contract;
  • provided that can not be the subject of the contract: sick plants and animals.

We remind you that the right to state support have agricultural producers - a natural or legal person, a natural person-entrepreneur engaged in the production of agricultural products, processing of own products and its sale.

The procedure for receiving state support has not yet been determined, the Cabinet of Ministers must establish it by October 24, 2021.

From July 23, you can submit to the PFC information on employment in electronic form

The Resolution of the PFC approved the Procedure for submitting information on the employment of an employee, individual - entrepreneur, individual who provides himself with work independently, in electronic form.

Such information is provided by: the employer, the employee, the self-employed person or the person who provides himself with work independently.

Information on employment can be submitted through the web portal of electronic services of PFC:

  • in the form of copies of the documents provided by the legislation (scan-copies);
  • in digital form - by creating an appropriate electronic record in the electronic office of the insured or the insured person.

This innovation will simplify access to information necessary for the payment of sick leave, will create the possibility of automatic retirement.

The law about stimulating the development of the digital economy in Ukraine already signed by the President

This law introduces a special legal regime for the IT industry - Action City. In order to stimulate the development of the IT industry, the legislator introduced a policy of non-interference of the state in the IT industry, created additional guarantees for employees in this area (set working hours, the minimum wage). 

To become an Action City resident you need:

  • be a legal entity;
  • work in the statutory IT areas (publishing computer games, computer literacy services, computer programming, etc.);
  • have a net profit from activities in the specified IT areas not less than 90%;
  • have at least 9 employees;
  • pay at least $ 1,200 US as a reward to employees.

The main benefits that a resident of Action City receives:

  • special tax regime (it has not yet been established, but promise that taxes should be paid less);
  • opportunity to enter into contracts with employees;
  • guarantees of protection from pressure from the supervisory authorities (for inspections of the resident requires the consent of the head of the central authority).

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