|
|
Buying New Construction...How Do I Begin?
The prospect of shopping for a new construction residence can be quite daunting, but the rewards of owning a brand new home out-weight the disadvantages if you know the potential pitfalls. The following are important considerations: Overall Dollar...
Facts of day trading
Are you thinking of entering the fast-paced world of day trading? Arm yourselves with the information from this fact sheet on day trading.
What is day trading?
Day trading is an investment tactic that does online daily stock trading with a...
SELL A BUSINESS - DEAL STRUCTURE AND TAXES
The purpose of this article is to demonstrate the importance of the tax impact in the sale of your business. As an M&A intermediary and member of the IBBA, International Business Brokers Association, we recognize our responsibility to recommend that...
THE MOST OVERLOOKED WAY TO LEGALLY DECREASE TAXES IN 2005
By Tim Merrell, the Dental Guy copyright 05-2005 I rushed upstairs dodging the toys, two small children and a border collie. I grabbed the phone just before the answer machine kicked on. “Do you know how much I had to pay IRS this year?” was the...
Who Wants To Be A Millionaire? ©
In order to achieve what you've never achieved before, you must be willing to do what you've never done before. While this concept may not be a secret to you, the overwhelming percentage of people who actually apply this principle is staggeringly...
|
|
|
|
|
|
|
|
Why to start business in Ukraine
Ukraine
General information
Total area: 603,700 sq. km Population: ~48 million Principal cities: Kyiv (Kiev), Donetsk, Zaporizhzhya (Zaporozhye), Dnipropetrovsk (Dnepropetrovsk), Kharkiv (Kharkov), Lviv (Lvov), Odesa (Odessa) Official language: Ukrainian (although in business Russian is mainly used) Neighbouring states: Russia, Moldova, Belarus, Poland, Romania, Slovakia, Hungary Currency: Hryvnia (UAH)
Ukraine has focused long ago on closer integration with the rest of the world while preserving its traditional links with the countries of the former Soviet Union. Reflecting its importance and size, Ukraine is a member of the United Nations, the IMF, the World Bank, the EBRD, etc.
Investment policy and investment possibilities
•Foreign ownership of most types of business is permitted. •Foreign investments are welcome, especially, those ones involving technology transfer and capital. •Similar regime of investment and business activity is applicable to local and foreign investors. •Protection of foreign investments is available under Ukrainian legislation and international treaties. •As of January 1, 2002 foreign investors can own non-agricultural land in Ukraine. •Special economic zones grant significant tax concessions for investments.
Possible business structures and corresponding regulations
•The corporate and management structure is relatively flexible. •A joint stock company is a legal entity whose capital is divided into a specified number of shares. There are two types of joint stock companies: "open" joint stock company and "closed" joint stock company. Shares of joint stock companies must be registered with the State Commission for Securities and Stock Exchange. •Limited liability companies require less complex structure. A limited liability company does not have shares. Participants in the company own a percentage of the company’s capital. •To establish a presence in Ukraine representative offices are used although they can be engaged in business activities. The representative office does not constitute a legal entity. •A joint venture can take the form of a company which has a distinct legal personality or an un-incorporated entity which does not. •Concessions are allowed in certain fields for the period up to 50 years. •Preliminary approval from the Antimonopoly Committee may be required for certain acquisitions of shares or assets. •There is no ceiling regarding the amount of capital a foreign company invests into a Ukrainian company. •Foreign investments must be registered with the local authorities.
Tax planning
•Ukraine has developed a wide double tax treaty network. •Domestic tax treatment applies to foreign corporations and expatriate personnel. •Dividends, interest and royalties may be freely repatriated. •Withholding tax of 15% applies to dividends, interest and royalties, but domestic tax law is
subordinated to international tax treaties. •The principal taxes in Ukraine are corporate profits tax, personal income tax, VAT, payroll taxes, excise tax, land tax, tax on owners of motor vehicles and import duties. There are also other taxes and different local taxes that may be levied by the local authorities.
Investment protection & incentives
•Investment incentives are generally available on an equal basis for both local companies and foreign investors. •In-kind contributions may benefit from certain tax exemptions. Property (except for goods for re-sale) contributed by a foreign investor to the statutory fund of a Ukrainian entity can be imported free of import duty. Exemption from import VAT is available for fixed assets imported into Ukraine as an in-kind contribution to the statutory fund of a Ukrainian legal entity. •Exemption from import duties is available in respect of goods traded with ex-USSR countries. Accounting and financial reporting and banking system
•The banking system consists of the National Bank of Ukraine and commercial banks. The National Bank of Ukraine (NBU) is the country’s central bank that leads a uniform monetary policy and performs bank supervisory functions. •The law On accounting and financial reporting provides for National Regulations (Standards) on Accounting in Ukraine (NR(S)AU) which are intended not to contradict IAS. Overall, standards combine the concepts found in IAS, but with less interpretative guidance.
Exchange control
•Export proceeds in hard currency received by a Ukrainian company usually are subject to a mandatory 50% conversion requirement. •Payments under foreign trade contracts between a resident and a non-resident entity should be in foreign currency only. •Certain transactions between residents and non-residents require a license from the NBU. •Foreign loans must be registered with the NBU. •Payments in foreign currencies between residents of Ukraine are prohibited. •Ukrainian companies usually must receive payment for exported goods, and obtain pre-paid imported goods within the period of 90 days.
INTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS, KIEV-ODESSA, UKRAINE www.murs.com.ua
Odesa 65014, Uspenska St., 15/6 Ph.: +38 (048) 715 58 55 Fax: +38 (0482) 49 69 25
veritas@murs.com.ua Kyiv 01025, Velyka Zhytomyrska St. 15/8 Ph.: +38 (044) 235 73 97 Fax: +38 (044) 212 32 50
info@murs.com.ua
About the Author
Arthur Nitsevych Certified attorney-at-law Master of science in accounting Director INTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS, KIEV-ODESSA, UKRAINE www.murs.com.ua
Odesa 65014, Uspenska St., 15/6 Ph.: +38 (048) 715 58 55 Fax: +38 (0482) 49 69 25
veritas@murs.com.ua Kyiv 01025, Velyka Zhytomyrska St. 15/8 Ph.: +38 (044) 235 73 97 Fax: +38 (044) 212 32 50
info@murs.com.ua
|
|
|
|
|
Internal Revenue Service |
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
www.irs.gov |
  |
Tax Information for Individuals |
Access to useful information, booklets and other tools from the Internal Revenue Service. |
www.irs.gov |
  |
Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
tax.yahoo.com |
  |
Taxes: Tax Planning, Tools and Advice - MSN Money |
Microsoft's Tax Preparation site, in association with Tax Server. |
moneycentral.msn.com |
  |
Tax - Wikipedia, the free encyclopedia |
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
en.wikipedia.org |
  |
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
www.hrblock.com |
  |
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
www.hrblock.com |
  |
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
turbotax.intuit.com |
  |
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
www.forbes.com |
  |
Essential Links to Taxes |
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
www.el.com |
  |
Government > Taxes in the Yahoo! Directory |
Yahoo! reviewed these sites and found them related to Government > Taxes. |
dir.yahoo.com |
  |
Taxes - Tax News for Home and Business from CNNMoney |
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
money.cnn.com |
  |
The Tax Foundation - Educating Taxpayers Since 1937 |
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
www.taxfoundation.org |
  |
Welcome to the Vermont Department of Taxes |
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
www.state.vt.us |
  |
Franchise Tax Board Homepage |
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
www.ftb.ca.gov |
  |
HM Revenue & Customs: Home Page |
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
www.hmrc.gov.uk |
  |
State and Local Tax |
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
www.taxsites.com |
  |
Quicken.com |
www.quicken.com/taxes/ - 3k - Cached - Similar pages |
|
  |
Tax news and advice from Bankrate.com |
Information on all phases of tax planning and preparation. |
www.bankrate.com |
  |
Online Tax Advice - Tax Preparation Help - Income Tax Tips |
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
www.marketwatch.com |
  |
|