January 1, 2012 Law "On amendments of Tax Code of Ukraine and some other legislative acts of Ukraine regarding simplified tax system, financial accounting & reporting" enters into legal force. Economic entities exercising simplified tax system are divided into 4 groups. The Law established list of entities, which are not entitled to use simplified tax system.
	December 29, 2011 State Committee on Financial Services by its Order № 717 amended Licensing provisions of insurance business. New requirement for license applicant have been added to Licensing provisions. On the moment of application he cannot have due but outstanding penalty imposed by the State Committee.
	December 29, 2011 Ministry of Health with its Decree № 723 enters into legal force new Licensing provisions for manufacturing, wholesale and retail trade of pharmaceutical products. It should be noted that pharmaceutical products distance selling (via Internet) has been banned, as well as pharmaceuticals trade via post or any other facilities except for chemist shops.
	December 28, 2011 Head of State signed the Law "On amendments to chapter X Transitional provisions of Land Code of Ukraine regarding prohibition of alienation and alteration of designated purpose of agricultural lands". The Law extends till January 1, 2013, effect of prohibition of alienation and alteration of designated purpose of land plots for commercial agriculture and personal use of country households, and prohibition of introduction of entitlements for land shares to companies' chartered capital.
	December 28, 2011 State Tax Service, with its letter № 10-2018/3582, clarified in what time frame negative value of taxable activity has to be reflected in 2011. According to STS, literal reading of paragraph 3, section 4, chapter XX of Transitional provisions of Tax Code, imply that negative value of taxable business activity in first quarter 2011 has to be included in second quarter 2011, disregarding negative value, included in report on first quarter 2011 from 2010.
	December 26, 2011 Law "On legal status of foreigners and stateless individuals" adopted by Parliament on 22.09.2011, enters into legal force. According to the Law, foreigners and stateless individuals enjoy the same rights and liberties as citizens of Ukraine, conditional upon being present lawfully on the territory of Ukraine, and regardless legitimacy of presence in Ukraine they enjoy fundamental human rights and liberties and have right for recognition as a person before the law.
	December 24, 2011 State Committee on Financial Services by its Order of 24.11.2011 raised requirements to chief accountants of financial institutions. With new rules entry into legal force, chief accountants of financial institution should have work experience on executive financial or accountant positions or work experience on financial services markets on financial or accountant positions – not less than 3 years.
	December 22, 2011 Parliament passed a bill "On changes of Customs Tariff of Ukraine". Customs rates on imported cars with engine from 1500 cm to 3000 cm have been marked down from 7% to 6% effective from January 1, 2012.
	December 22, 2011 Parliament passed an amended bill "On re-establishing debtor solvency and adjudging bankruptcy". In accordance with new Law information on initiation of bankruptcy case shall be placed on the Net – on official web-page of Supreme Economic Court of Ukraine – not later than next day after ruling. Access to this information is non-restricted and free of charge. Procedure of court appointment of trustees in bankruptcy is changed significantly, now they will be appointed with the help of automatic selection.
	December 21, 2011 Parliament passed a bill based on draft № 9488. It extends the scope of hryvna application by entities engaged in foreign economic activities. Law warrants use of hryvna in trade transaction between non-residents and residents.
	December 20, 2011 Parliament passed a bill "On amendments to some Laws of Ukraine" regarding improvement of judicial proceedings. In accordance with the Law, judge in economic judicial trial will not be permitted to participate in review of his judgements, rulings, decisions upon newly discovered facts. Analogous provision of statute has been added to Civil Code of Practice.
	December 20, 2011 Law "On amendments to legislative acts of Ukraine regarding simplifying procedure of dissolution of juridical entity and termination of entrepreneurial activity of physical entity-entrepreneurs in own discretion" entered into force. The document introduces principle of tacit consent, reduces list of required documents for registration of termination, cancels fee for resolution publication.
	December 15, 2011 STS with its letter № 9376/7/15-3417-26 clarified issue of VAT taxation of collateralized property sales operations. In accordance with STS, both versions of enforcement of pledge (acquisition of title of collateralized property or alienation of property by third party) are considered by tax legislation as supply operations. If pledger is registered VAT payer, he has to define its tax liabilities and draw tax invoice in the name of pledge holder.
	December 13, 2011 SCSSE by its resolution amended License provisions of security holders register rules of maintenance. In accordance with amendments, licensee (except for banks) will be allowed to perform its professional activities only after it being included in the list of financial institutions-providers of financial services on securities market. Licensee premises requirement have been changed as well.
	December 7, 2011 SCSSE made amendments to regulations on increase and reduction of charter capital of stock companies. New regulations adjusted differences between Law "On Stock Companies" and current Regulation on increase and reduction of charter capital of stock companies, adopted by SCSSE resolution № 387 of 22.02.2007.
	December 5, 2011 State Customs Service by its Order No 1027 introduced Directive on customs officers work procedures of preliminary documents checking operations. Directive to be applied while inspecting documents on goods, subject to sanitation-and-epidemiological, veterinary-and-sanitary, phyto-sanitary, ecological and cultural valuables control, while importing into the customs territory of Ukraine, also with intent of transit.
	December 2, 2011 Cabinet of Ministers of Ukraine made amendments to Regulations on Financial Statements. Decree has been signed on November 30, 2011. List of economic activities, which requires making out financial statements and consolidated financial statements in compliance with international standards, have been introduced, in order to create legal framework to move all financial institutions to application of international standards in financial statements.
	November 30, 2011 SCSSE together with Ministry of Finance developed Methodology for determination of investment income by professional securities dealers while performing duties of tax agent. The main goal of the document is regulation of tax agent's performance while estimating financial result of physical entities investment assets operations.
	November 29, 2011 President's Decree of 23.11.2011 liquidates State Commission for regulation of Financial Services markets of Ukraine. National Commission starts its work to provide state regulation of financial services market. Enactment on National Commission broadened and spelled out its mandate. It is worth to observe National Commission mandate provisions for non-state pension insurance parties and insurers of civil liability of vehicles owners.
	November 23, 2011 Cabinet of Ministers Decree on Model limited liability company enters into force. It contains general provisions on company statutes, membership, charter fund, property, profit and drawdowns. Decree stipulates that founders have provide all necessary information, such as name, place, object, type and goal of activity, list of founding members and shareholders, size of charter capital, size of shares, procedure of paying up contributions, in decision on floating a company, while earlier this information had to appear in statutes only.
	November 21, 2011 State Commission for Securities and Stock Market amended Regulations on trading in securities. Regulations contain requirement to agreements – dealer agreement, brokerage agreement, agency agreement, as well as requirements to internal accountant ledger and procedure of reconciliation of funds, securities and other financial instruments. It regulates dealer-client reporting requirements.
	November 15, 2011 State Tax Administration explained that expenditures for marketing and advertising services, confirmed by source documents, are taking into consideration while defining legal profit tax unit. But marketing and advertising services, acquired from non-resident, cumulates in sum not exceeding 4 % of sales. In the same time, those from non-resident with off-shore status or physical entity on single tax, are not taking into account.
	November 11, 2011 Tax Administration in its letter explained subtleties of copyright amortization. Accrual of depreciation on intangible asset in form of copyright and related rights is exercised throughout useful life of object, which has to be determined by company directive, but should not be less than 2 years.
	November 7, 2011 National Bank Decree comes into force to change procedure of bank registration and licensing and to define procedure of disclosure information about ownership structure. According to new procedure, National Bank agrees statutes prior to state registration of juridical entity which is planning to conduct banking operations. The document also determines what documents, beside statutes, have to be submitted to the National Bank, and their layout, it defines requirements to creation and increasing of authorized capital, to banks name, defines procedure of agreeing acquisition of major shareholding, specific requirement to foundation of state banks. Procedure of disclosure information regarding ownership structure determines requirements to procedure of reporting information about ownership structure by banks, banks promoters, other juridical and physical entities, which are about to acquire or increase major shareholding in bank.
	October 18, 2011 Parliament passed a bill on amendments of Article 40 of the Law of Ukraine "On Insurance". This bill extended list of parties to have access to insurance confidentiality. Law included in this list central body of executive authority responsible for financial monitoring according to the Law of Ukraine on preventing money laundering and terrorism financing.
	September 30, 2011 State Tax administration in his letter "On guidelines for the procedure of cancellation of registration as VAT payer" for cancellation of registration as VAT reminded that the cancellation of registration takes place in case if EVWs existing record: lack of legal entity or individual by its location (residence), the lack of confirmation of details of the legal person. DPS also explained the procedure for making relevant records to EVWs and order cancellation of registration as a legal entity VAT.
	September 28, 2011 National Bank of Ukraine in its letter № 28-211/3864-11318 «are unambiguous list of documents necessary to carry out foreign exchange transactions" defined as follows: confirmation of residence: a) for an individual resident passport of citizen of Ukraine, passport citizen of Ukraine for travel abroad without a mark, confirming permanent residence abroad, driving a stateless person for travel abroad, issued in Ukraine, refugee certificate issued in Ukraine, national passport of another country with a mark of a permit for permanent residence with a permanent residence card, and b) for Non-resident individuals - national passport of another country, a passport of citizen of Ukraine for travel abroad with a note in the passport for permanent residence abroad. Recall bank (financial institution) must make foreign exchange transactions upon presentation of a document certifying the person.
	September 21, 2011 SEC said that in the event of failure of issuers transfer of shares in documentary form the existence of book-entry April 30, 2011, and / or the detection of non-compliance to 04/30/2011, the statutes and internal regulations of the SC in compliance with the Law Ukraine "On Joint Stock Companies", Agent Securities Commission makes an order to eliminate violations of securities laws. For non-execution or delayed execution of orders to eliminate violations of securities laws punishable under the legal entity.
	September 16, 2011 State Committee of Financial Monitoring (Letter № 4614/0340-6-4) expressed the position that inspections by the Ministry of Finance of Ukraine as possible for auditors, audit firms and individuals - entrepreneurs who provide services in accounting, which were registered SCFM of Ukraine and for those under the law were to be registered. It should be noted that the entities of initial financial monitoring, which were not registered with the SCFM of Ukraine can not be included with the plan audits, however, may be subject to unscheduled inspection for the presence of the grounds specified in paragraph 2.7 of the Procedure section inspections Ministry of Finance of Ukraine entities.
	September 15, 2011 Ministry of Justice by order of 15.09.2011 № 3018 / 5 approved the Regulations on a single database of businesses for which instituted the proceedings in the bankruptcy case, which establishes the formation, maintenance and use only database of companies for which instituted the proceedings in bankruptcy, and also for providing information from it. Order registered at the Ministry of Justice of Ukraine on September 19, 2011 by N 1106/19844 and shall take effect upon completion of the steps to allow the possibility of the Ministry of Justice of Ukraine of authority of state authority on bankruptcy, but not before the day of its official publication.
	September 6, 2011 Ministry of Justice clarified some issues getting the extract from the Register of ownership rights to real property: for what purpose and who can lift, fees for providing lift, timing of and reasons for the refusal to provide this document. Also noted that in accordance with Paragraph 7.8 of the Provisional Regulations on the procedure for state registration of property rights and other proprietary rights to real property, approved by the Ministry of Justice of 07.02.2002 N 7 / 5 (hereinafter - Regulations), an extract from the Register of a valid within three months from the date of its issuance, unless an extract from the Register of heirs is to design heritage. Registration of ownership of real property in the manner prescribed by the Regulations, will be held from 01.01.2012 to 01.01.2012 introduced a system of state registration of rights to real property under the Law of Ukraine "On Amendments to the Law of Ukraine" On State Registration proprietary rights to real property and their limitations "and other legislative acts of Ukraine". Also on 01.01.2012 shall become effective procedure for providing excerpts from the State Register of real rights to real property, approved by the Cabinet of Ministers of 22.06.2011 N 703.
	August 29, 2011 STA of Ukraine in his letter "On the order of charging penalties in case of independent error detection" № 23178/7/15-3417-26 noted that in self-identification of the taxpayer understatement penalty amount of tax liability is calculated on the amount of underestimation and for the entire period of understatement (of the maturity of tax liability under p.57.1 57 of the Tax Code on tax return, in which an understatement of tax liability, and for the entire period on the day of actual payment (inclusive) amount understated tax liability) with a rate of 120 percent annual interest rate of National Bank effective as of the day understatement.
	August 26, 2011 STA Ukraine in its letter, number 23116/7/15-2117 said that starting from 1 January 2011, the company, despite a contract with another enterprise (including utilities) for services to export and placing on designated areas (dumps, landfills, etc.), waste (including household), must calculate and pay the environmental tax for temporary disposal. Businesses that place waste temporarily, to pay an environmental tax on the actual amounts allocated during the reporting quarter waste.
	August 19, 2011 Ministry of Justice by order of 19.08.2011 N 2009 / 5 agreed to implement the access of individuals and entities in the Unified State Register of legal entities and natural persons - entrepreneurs through the website Unified State Register within one month from the effective date of this order . Order registered at the Ministry of Justice of Ukraine on August 23, 2011 by N 998/19736 and shall come into force after its official publication. Access EDRPOU please reference: http://irc.gov.ua/ua/Poshuk-v-YeDR.html
	August 19, 2011 Ministry of Justice by its Order No. 2010/5 of 19.08.2011: 1) approved the procedure for submission and circulation of electronic documents to the state registrar, which sets the general principles of electronic filing of documents for state registration of legal entities and natural persons - entrepreneurs using public telecommunications networks Use and circulation of these documents. 2) has made changes to the instructions on how to notarial acts notaries of Ukraine, adding to the norm that the transfer of notary statements in electronic form on the state registration of legal entities and natural persons - entrepreneurs, according to the Law of Ukraine "On State Registration of Legal Entities and Individuals - Entrepreneurs "submitted to the state registrar for the state registration of legal persons and natural persons - entrepreneurs are in the order determined by order of submission and circulation of electronic documents to the state registrar. Order registered at the Ministry of Justice of Ukraine on August 23, 2011 by N 997/19735 and shall come into force after its official publication.
	July 27, 2011 The Cabinet of Ministers of Ukraine approved the use of funds provided by the state budget for micro small businesses, which determines the mechanism of using funds provided by the state budget under the "Micro small businesses." Ukrainian Fund of Entrepreneurship Support budget provides small businesses on a competitive basis on a rotating basis, provided that the obligation to return them and pay interest for the use of budget funds of 1.5 NBU discount rate current at the date of contract specified in Paragraph 9 of Order, in the amount of: 1) from 50,000 to 100,000 USD - for up to one year, and 2) from 100,001 to 250,000 USD - for up to three years of deferred principal repayment obligations to one year. Budget funds are granted to small businesses, which declared bankrupt in respect of which a violation of bankruptcy, reorganization is carried out, which is in liquidation, in arrears to budgets and / or the PFC, as well as those who have found evidence of unlawful receipt and / or misuse of public funds.
	July 21, 2011 STA of Ukraine in its letter "On the order of filing tax returns to the state tax service" № 13186/6/15-0315 on 21.07.2011 stated that if the company belongs to the category of small enterprises in accordance with clause 7 article 63 of the Commercial Code of Ukraine, stated the company provides tax reporting to the state tax authority of their choice in one way, under paragraph 49.3 Section 2, Chapter II of the Tax Code, namely: a) personally by the taxpayer or authorized person, and b) sent by mail with return receipt requested and describing the attachment, c) by means of electronic communications in electronic form in compliance with the conditions for registration electronic signature of accountable persons in accordance with the law.
	July 18, 2011 The Ministry of Economics in its letter № 4201-26/1134 indicated that, taking into account the current regulatory framework (in the implementation of external operations) the use of INCOTERMS is obligatory. However, the legislation of Ukraine does not provide liability of participants of economic relations in non-use rules of INCOTERMS in contracts concluded between Ukrainian business entities. Economic entities have the possibility to conclude contracts, using the rules of INCOTERMS any wording agreed by the parties of the contract, including the ICC Rules for your terms for domestic and international trade in the wording of 2010, which were introduced in the world from 01.01 .2011.
	July 13, 2011 Antimonopoly Committee Resolution of 13.07.2011 № 367-p approves amendments to the Regulations on the submission of applications to the Antimonopoly Committee of Ukraine about preliminary obtaining of permit on concentration of economic entities (Regulations on mergers), which, inter alia, amended the procedure of submission application for permission on merger, including rent, lease, concession. The application must include proof of payment of the fee for its filing and prepared in accordance with the requirements set out in Appendix 1, additional documents. In respect of merger participants - foreign entities registered in offshore zones according to the list established by the Cabinet, shall submit: a) copies of contracts orders, warrants or documents signed by the head of the governing body of the entity that give rights to others to perform functions or some functions of the body of the entity, b) copies of contracts orders, warrants or documents signed by the shareholders (participants) of the entity under which another person or persons has (have) the right to participate in management, profit, contracts of sale of shares (stocks), c) information on individuals and entities who receive benefits from the assets of the entity, its shares (stocks), regardless of who is its owner. If necessary, this information may be requested by the applicants state commissioners on the concentration of other participants - foreign entities. Order registered at the Ministry of Justice of Ukraine on August 5, 2011 by N 954/19692 and shall come into force after its official publication.
	July 8, 2011 Ministry of Justice by Order of 08.07.2011 No. 1824/5 approved: a) the form of application for registration of the personal data b) the form of application for amendments to statements of the State Register of personal data, applications for registration of the base personal data and on changes to the data of the State Register of personal data, according to which the owner of the personal data or his authorized representative shall submit an application for prescribed forms. This Order is registered at the Ministry of Justice of Ukraine on July 19, 2011 for № 890/19628 and shall come into force after its official publication.
	July 8, 2011 - Pension reform was adopted. Verkhovna Rada of Ukraine passed bill number 7455 "On measures to ensure the legislative reform of the pension system." Law found that the maximum size of pensions (including bonuses, promotions, additional pension, targeted cash benefits, pensions for special merits before Ukraine indexing and other payments), designated (listed) in accordance with law, shall not exceed ten subsistence minimum established for persons incapacitated. Insurance record, which gives entitlement to pension under this Act, for men - at least 35 years for women - at least 30 years. Procedure for payment of pension (monthly lifetime allowance) for working pensioners, established by this Law shall not apply to retirees who designed pension (lifetime allowance) and have settled to work in the enactment of this Act. If as a result of adoption of this law the amount of pension is reduced, the pension should be paid in the previously set amount. Also it is established that the Act comes into force on 01.09.11, exception paragraphs 7 and 10 sub-paragraph 116 subparagraph 17 of paragraph 5 of section III, which take effect from 01.01.12.
	July 8, 2011 - President of Ukraine signed the Law "On Amendments to Certain Legislative Acts of Ukraine on elimination of excessive state regulation of road transport", adopted by the Verkhovna Rada of Ukraine on July 5, 2011. Legislative act cancels mandatory technical inspection for cars not used for business purposes and significantly simplifies the passage of mandatory technical control for other vehicles. State traffic police of Internal Affairs of Ukraine is removed from a mandatory technical inspection of vehicles and such powers were given to business entities. Also, it was abolished the requirement for mandatory availability of driver's road (route) letter and notarized power of attorney for driving. These changes have been made to the law "On Road Traffic", "On Automobile Transport", "On police", "On compulsory insurance of civil liability of owners of vehicles," "On insurance" and the Civil Code of Ukraine and Code of Ukraine on Administrative Offences. Law comes into force 30 days after its publication.
	June 22, 2011 - Cabinet by his decision of 22.06.2011 № 703 approved the procedure of state registration of rights to real property and liens, which determines the procedure of state registration of rights to real property and liens, list of documents required for its conduct, rights and responsibilities of subjects in civil registration and the procedure for registration of ownerless property. The state registration of rights to unfinished building and encumbrances in statutory cases is conducted in accordance with and taking into account characteristics determined by this procedure. Procedure of providing extracts from the State Register of real rights to real property that defines the procedure for providing extracts from the State Register of Real rights in real estate, list of documents required for obtaining them, the rights and obligations of entities that are parties to these procedures. Resolution comes into force on 1 January 2012.
	June 21, 2011 – State tax administration reminded which documents certify the right to land, and explained the procedure for collecting the land tax by legal entities. Yes, taxpayers are obliged to independently calculate the amount of tax each year as of January 1 and February 1 this year to file a tax return for the current year in the form established in the manner prescribed by Art. 46 Tax Code of Ukraine. Also, noted that extracts from the technical documentation about official value of land (which is the base taxation of the land) are issued by the State Land Agency of Ukraine, which shall exercise its powers directly and through branches.
	June 16, 2011 - Ministry of Finance approved the Guidelines on the application ledgers in small enterprises approved by the Methodological Council of accounting at the Ministry of Finance, which are adopted for maintenance of accounting registers in small businesses - legal entity entitled to conduct simplified income and expense, including the criteria set § 154.6 Article 154 of Title III of the Tax Code, and not VAT registered.June 16, 2011 - Ministry of Finance approved the Guidelines on the application ledgers in small enterprises approved by the Methodological Council of accounting at the Ministry of Finance, which are adopted for maintenance of accounting registers in small businesses - legal entity entitled to conduct simplified income and expense, including the criteria set § 154.6 Article 154 of Title III of the Tax Code, and not VAT registered.
	May 30, 2011 - In the letter № 31-08410-07-27/13794 Ministry of Finance of Ukraine determined whether the original invoice is the primary document. According to Art. 9 of the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" the basis for business transactions accounting are primary documents that capture the facts of economic operations and shall be made in the implementation of this operation, and if not possible - immediately after its completion. Bill (invoice) for its intended use does not match the characteristics of the primary document because it not fixed any business transaction, orders or permission to conduct business transactions, and is for informational purposes only.May 30, 2011 - In the letter № 31-08410-07-27/13794 Ministry of Finance of Ukraine determined whether the original invoice document. According to Art. 9 of the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" the basis for business transactions accounting are primary documents that capture the facts of economic operations and shall be made in the implementation of this operation, and if not possible - immediately after its completion. Bill (invoice) for its intended use does not match the characteristics of the primary document because it not fixed any business transaction, orders or permission to conduct business transactions, and is for informational purposes only.
	May 27, 2011 - Ministry of Justice in its Explanation "Changes in state registration of rights to real estate" explained key provisions of the new Law of Ukraine "On state registration of rights to real estate and its limits" and summed up the Law: 1 ) expanding the list of real rights, subject to state registration and defined a new public authority on state registration of rights to real estate 2) the concentration of services for registration of property rights and encumbrances as to immovable property and land in one body - a unified system of state registration of rights to real property, and 3) cancellation of the need to "collect" statements and information from various state registries (registry of ownership of real property register of mortgages, register of deeds, etc.). The full functioning of the state registration of rights to real property and liens, in the manner determined by law, will begin on January 1, 2012.
	May 25, 2011 - SEC approved the letter "Сoncerning the actions of authorized persons in case of violation of the requirements of paragraph 2 Article 20 of the Law of Ukraine "On Joint Stock Companies ", in stating that the April 30, 2011 shares issued in documentary form should be transferred in uncertificated form of existence. Otherwise, the Agent of the Commission shall make an order to eliminate violations of securities laws. At the same time the term for elimination the violation must be 6 months. In the event that order is broken in case of violations of the securities market financial penalty in the amount of one thousand to five thousand untaxable minimal salaries is applied, and new order will be issued. The term for elimination of violations should be 3 months. The letter also provided information about the responsibility for non-fulfillment of second order to eliminate violations of securities laws.
	May 4, 2011 - in his letter "On business trips within Ukraine and abroad," dated 04.05.2011 № 31-07230-16-25/11433 Ministry of Finance noted that the norms of the Instruction on business trips within Ukraine and abroad, determine the order of business trip and reimbursement of expenses incurred in connection with such assignment, only for government officials and other persons who are sent on a mission enterprises, institutions and organizations that are fully or partially maintained (funded) at the expense of budget funds. Also, the Finance Ministry reiterated that limits daily expenses for employees of enterprises, institutions and organizations of all forms of property (other than public employees) established sub-paragraph 140.1.7 140.1 Article 140 of the Tax Code of Ukraine.
	April 27, 2011 – State Tax Administration reported that in order to ensure a common approach in organizing and conducting revisions of taxpayers according to the Tax Code of Ukraine the order of STA of Ukraine from 14.04.2011 N 213 approved Guidelines on the organization and conduct of revisions of taxpayers who used the organization as a documentary, and the actual checks, and that something changed before the current procedure for organizing and conducting revisions of taxpayers. STA also reinterpreted these changes.
	April 21, 2011 - Parliament passed and the President signed the Law of 21.04.2011 N 3273-VI, amending the Law of Ukraine "On Auditing" and makes mandatory audits for issuers of securities and derivatives and in obtaining licenses for professional activity in the securities market. Law comes into force on the day following the day of its publication.April 21, 2011 - Parliament passed and the President signed the Law of 21.04.2011 N 3273-VI, amending the Law of Ukraine "On Auditing" and makes mandatory audits for issuers of securities and derivatives (derivatives) and in obtaining licenses for professional activity in the securities market. Law comes into force on the day following the day of its publication.
	April 20, 2011 - Cabinet has made changes to its resolution of 28 February 2000 № 419 "On approval of the submission of financial statements" under which banks submit financial statements and consolidated financial statements to National Bank in the prescribed manner by him. Income taxpayers shall submit to State Tax Service: 1) quarterly financial statements (except for companies according to the Commercial Code of Ukraine considered as small), 2) annual financial statements. Legal persons that meet the criteria specified in paragraph 154.6 of the Tax Code Article 154, shall submit to the relevant authorities annual financial statements provided that they are small businesses. Quarterly financial statements (other than consolidated and consolidated) shall be submitted by enterprises bodies referred to in paragraph 2 of the Order, not later than the 25th of the month following the reporting quarter and year - no later than February 9 following the reporting year. Quarterly or annual financial statements should be filed by enterprises to State tax Service within the period provided for the declaration of income tax.
	April 17, 2011 – Ministry of Labor stated that Cabinet order to transfer working days are advisory in nature and enable appropriate change of days, but employers have the right to make independent decisions on transfer these days. Therefore, all steps to provide leave, goes to work and pay for sick leave should be conducted based on the company adopted decision on the transfer day, that is, according to the schedule of the company.
	April 7, 2011 - Parliament passed and the President signed the Law of 07.04.2011 № 3205-VI, which makes changes to several Legislative Acts of Ukraine according to which the certificate on state registration of legal entities and natural person - entrepreneur canceled. Instead of the certificate of registration will be given an extract from the Unified State Register of legal entities and natural persons - entrepreneurs. Law comes into force on the day following the day of its publication.
	April 6, 2011 - State Tax Administration of Ukraine to ensure proper administration of VAT sent a Memo on administrative procedure of writing, receiving and issuing tax invoices (STA Letter № 9497/7/16-1517)
	April 4, 2011 - National Bank of Ukraine in the letter No. 48-103/634-4584 provided explanations regarding the application of Article 15 of the Law of Ukraine "On prevention of legalization (laundering) of proceeds of crime or terrorist financing" about financial transactions subject to mandatory sure to financial monitoring and decided to bank of Ukraine within one month after bringing to the attention of this letter to analyze clients' financial transactions carried out after the enactment of the law, and, in case of accordance to the attributes specified in the letter, make the register of financial transactions and report for Specifically competent authority within the period prescribed by law.
	March 25, 2011 – STA reported that tax agents who have not employees and do not carry charges (provision of payments) from income individuals in the reporting month, may not submit a declaration to the tax authority for the relevant reporting period.
	March 21, 2011 – By Cabinet decision dated March 21, 2011 N 281 it was outlined the revised procedure and conditions for submission of periodic customs declaration. Thus, according to the new version periodic declaration – is a written declaration submitted to customs authorities in the form established for cargo customs declaration and contains information on products that will move across the customs border of Ukraine for an agreed period with the customs authority, customs regime, in which they move and other information required for customs procedures. Application is registered by the division of customs formalities in the prescribed manner and is to be executed in no more than three hours from the time of its submission.
	March 15, 2011 - Hryvnia of all denominations and all samples of release before 2003 are withdrawn from circulation and are accepted by banks from clients (companies and individuals) without restrictions for credit to accounts, deposits, credits, transfers, and for the exchange on the notes of other existing samples - samples of 2003 and subsequent years of production. It should be noted that acceptance of such terms is not limited by  the National Bank. This is due to the change the President of National Bank and the issuance of new notes with his signature, as stated in the instruction of National Bank of 04.03.2011, № 55.
	March 14, 2011 - after the introduction of the Tax Code of Ukraine, payment for the certificate of VAT is not expected. Previously, the costs of VAT refund forms registration statement for the registration certificate of 1 untaxed minimal income (17 hryvnia). These requirements were stipulated by the tax bodies under the requirements of Cabinet Decree dated 09.06.1997 № 540 "On measures in connection with the enactment of the Law of Ukraine" On Value Added Tax (repealed, according to CMU from 27.12.1910, № 1236).
	March 12, 2011 - Law of Ukraine dated March 3, 2011 № 2983-VI came into force, which amended the Act of Ukraine of 05.11.2004 № 1704-IV «On arbitration courts". An article about the jurisdiction of courts of arbitration was added by the provision that the arbitration courts can not hear cases concerning consumer protection, including users of services of the bank (credit union). Also noted that after the enactment of this Act court of arbitration stops to consider the cases in disputes about consumer protection, including users of services of the bank (credit union), considering of which were started before the enactment, and the motivated decree should be done hereto.
	March 9, 2011 – the Cabinet decision of 09.03.2011 N 233 approved the Order for Pension Fund of Ukraine and its territorial bodies carrying out of scheduled and unscheduled inspections of taxpayers of a single tax for the compulsory social insurance and fixed that during the inspection of single taxpayers for the compulsory social insurance it is also checked the accuracy of charges for the period up to January 1, 2011 for the compulsory state pension insurance and other payments, control over payment is entrusted with territorial authorities of Pension Fund.
	March 2, 2011 – it was announced the average salary for December 2010. Average wage per insured person shall apply in determining the wage index in December 2010 in appointing pensions established in 2326 hryvnia 74 copecks (as of November this average salary was 2073,90 hryvnia). In addition, it was approved the average wage (income) per 1 insured person in the amount of 1982,63 hryvnia, which will be applied in determining the wage index in 2010 when granting a pension.
	March 1, 2011 - Cabinet adopted the Resolution on Amendments to the Regulations on the procedure for issuing driver's licenses and admission to public motor vehicles ", which establishes that the new international standard driver's license will be issued for a period 50 years. These innovations caused by the provisions of the International Convention on Road Traffic, which requires the establishment of validity of driver's license. However, all national driver's license appropriate category issued before the effective date of this Resolution are valid in Ukraine and re not the subject of exchange.
	February 16, 2011 - Parliament of Ukraine adopted the Law № 0884 "On amending some laws of Ukraine on regulation of banks”, which is aimed on bringing the procedure for state registration of banks in accordance with special legislation on state registration of legal entities, improving bank supervision and external audit of banks, strengthening the protection of creditors and others. In particular, this Law establishes requirements for the minimum share capital of banks - 120 million hryvnia (was 75 million hryvnia), having to increase capitalization of banks and thus reduce the risks for depositors and bank customers. Final provisions of the law stipulates that banks, prior to the enactment of this law within five years after entry into force, shall bring charter capital in accordance with its requirements.
	February 15, 2011 - SCSSE decision of 02.15.2011 № 148 "On the order of application of the Regulations on the transfer of Registered Documentary Shares in dematerialized existence”. Relationship associated with the dematerialization of shares, arising from the adoption the decision to dematerialization of shares at general meetings, information on which was communicated to shareholders in accordance with legislative requirements, namely: - Law of 09.17.2008, № 514-IV "On Joint Stock Companies" - for corporations that brought their activities in conformity with it; - Law of 19.09.1991, № 1576-XII "On Business Associations" - for corporations, which in the period up to 30.04.2011 was not made to bring its activities into compliance with its requirements. Effect of such changes does not apply to dematerialization of share issue (of issuers, professional stock market participants, serving this issue), if the decision was taken before they came into force. The authorized body of the issuer may decide on the definition and selection of an authorized person who will keep the original registration dematerializated documents as determining such person and actions of transfer these documents is not stage of dematerialization of shares.
	February 14, 2011 – STA Letter of 02.14.2011 № 4019/7/15-0117 envisaged that the single tax is paid on account of the relevant budget in the amount of the single tax which should  be transferred to the budget according to established norms (except for a single tax, payable in January 2011 for the last reporting (tax) period of 2010). In this way the distribution of a single tax on compulsory social insurance and / or PFC Treasury is not made. Since 07.02.2011 the (from the date of opening the Treasury accounts of the register of the state and local budgets), assessed for periods in 2011 amounts of the single tax will be paid to local budgets as 43% of the total assessed amount to the accounts opened by budget classification code 18050300 - for legal entities and by code 18050400 - for individuals - single tax payers and the only contribution to the compulsory social insurance - a special separate account. It is pointed out that the advance payments paid by the single tax payers in January and February for the report periods 2011, distributed by the State Treasury bodies in accordance with the procedure specified by Presidential Decree of 03.07.1998 № 727 "About the simplified system of taxation, accounting and reporting of Small Businesses”. In case of availability taxpayer debt of the single tax as of 02.07.2011, the funds intended for repayment of that tax debt should be paid to the clearing accounts opened by budget classification codes of 18050100 and 18050200.
	February 11, 2011 – STA issued Order No.85 (in force from the date of signing) to implement the provisions of the Tax Code of Ukraine, which introduced electronic services for taxpayers - entities that concluded an agreement on the recognition of electronic documents. Such taxpayers will receive a message informing about the results of electronic data processing (verification) filed their tax reports and data from the Unique register of tax issued and received, registers of tax invoices (to detect differences in filling statements of arithmetic errors, etc.). Thus, by using this service taxpayers can get more information and promptly ascertain the causes of disagreements. Such information will help them as timely exercise for its right to clarify the tax liability of the VAT without penalty - within 10 days after written notice of disagreement with the data submitted by contractors in the Register (in accordance with Article 201.6Tax Code).
	February 4, 2011 – it was amended the Act of Ukraine of 07.12.2000, № 2121-III "On Banks and Banking”, which increased for the next six months the duration of the temporary administration of banks. Thus, the Bank, in case of threat to the solvency of the bank is entitled to appoint a provisional administration for 18 months. Law of Ukraine of 04.02.2011, № 3011-VI will take effect from the date of publication.
	February 3, 2011 – by the Letter from STA dated 03.02.2011 № 2963/7/10-1017/302 it was provided the clarification on the application of penalties under the Tax Code of Ukraine. Thus, when a taxpayer submits a tax declaration (calculation) in violation of the deadline for tax reporting, penalties are applied in the amounts provided under the tax code (170 hryvnia - as before). And in case of repeated late filing, penalty applies in the amount of 1020 hryvnia for each such late submission. Besides, in case of violation of deadlines, taxpayers pay a fine of 10% (with a delay of up to 30 days), 20% (with a delay of more than 30 days) of the paid amount of tax debt. Penalties (no more than 1 hryvnia for each violation) as provided in paragraph 7 of subsection 10 of Section XX of the Code shall apply for violations of tax laws only for incorrect calculating of the tax liability for the period from 01.01.2011 till 30.06.2011. Accordingly, STA recalled it previous letter of 31.12.2010 № 29429/7/10-1017/5190 for the application of penalty not more than 1 hryvnia.
	February 2, 2011 –It was adopted the Decree of the Cabinet of Ministers of Ukraine № 71 "On approval the order of the customs authorities documentary inspection without arrival performing. According to this procedure customs authority documentary inspection without arrival is carrying in case of: (1) discovering the  indicators of a possible violation of tax laws by analyzing of electronic copies of customs declarations, information received from foreign economic entities, producers of such goods, from the Internet, scientific literature, conclusions of accredited experts in accordance with law, (2) receipts from authorized bodies of foreign countries  documented discrepancy about the authenticity of documents submitted to customs authorities on goods, customs formalities of which are completed. The customs authority must inform (by registered letter with return receipt requested or personal delivery) the taxpayer about the documentary inspection and the presence of the taxpayer during this inspection is optional. As a result ofsuch inspection, the Act should be concluded and signed by an official of the customs authority, which it held, and the taxpayer.
	February 1, 2011 –Letter of STA dated 01.02.2011 № 2548/7/16-1517-26 explained that personnel services is a form of outsourcing , including if the staff works on the place of business customers . The place of supply of services is the place where the service recipient is registered as the entity or - in the absence of such a place - a place of permanent or preferential his residence. Thus, service personnel, who performs certain functions and specializes in the relevant area, regardless of the activity of such personnel shall be subject to VAT in the prescribed manner at a rate of 20% if the recipient of such services registered (residing) in Ukraine.
	January 29, 2011 - the Law of Ukraine dated 01.11.2011, № 2914-VI came into force, which amended Article 67 of the Labor Code of Ukraine, according to which the Cabinet no later than three months to the day visible to move, may recommend to enterprises, institutions and organizations management to move these days in the manner and on terms set by the law for employees who have a five-day working week with two days weekend . The owner or authorized body in the event of the recommendation of the Cabinet no later than two months shall issue an order (instruction) to transfer the weekends and working days in the enterprise, institution or organization, agreed with the elected body of primary trade union organizations (trade union representative).
	January 25, 2011 – STA of Ukraine Order No.42 according to the Tax Code of Ukraine approved the procedure for determining taxpayer compliance criteria that enable to get an automatic refund of VAT. Thus, to obtain the right to automatically refunding of VAT taxable amounts, in particular, taxpayers should: - be included in the Uniform State Register of legal entities and individuals; - not be in bankruptcy court proceedings; - do not use the declarations of VAT with the "note"; - have an average wage of workers salary not less than in two and a half times of  minimum level established by the legislation in each of the last four fiscal reporting period (quarter), etc.. Determination of compliance taxpayer to the specified criteria is carried out automatically within 15 calendar days after the deadline for filing statements.
	January 13, 2011 - Law of Ukraine № 2924-VI «On amendments to some legislative acts of Ukraine as for the strengthening of liability for certain offenses in housing, which increased penalties for the destruction of green space, and established criminal liability for damage or destruction of housing objects. The punishment will be the fine from one hundred (1700 hryvnia) to two hundred fifty (4250 hryvnia) untaxed minimum incomes, or correctional labor up to two years or personal restraint for up to three years, or imprisonment for the same period. By the same actions committed repeatedly or by the generally dangerous method, will be punished with imprisonment from three to eight years. But if the cause of human death or other grave consequences, or property damage in especially large amounts (in thousands (17 000 hryvnia) or more times exceed untaxed minimum income), may deprive the liberty for a term of five to twelve years. The buildings housing damaging which will be held accountable, includes housing (houses and apartments), facilities improvement, heating, water supply and sanitation, as well as their network or components (manhole covers, grates on them, etc.) . The law also increased penalties for destruction or damage the green areas, individual trees, shrubs, lawns, flowerbeds and other landscaping items in settlements, failure to take measures for their protection as well as unauthorized transfer to other locations during the construction of separate parts employed landscaping objects: for citizens - from 170 hryvnia to 510 hryvnia; for officials or individual entrepreneurs - from 510 hryvnia to 850 hryvnia. Therefore, parking on the lawn near the house will rise. But will it save the green planting?
	January 13, 2011 - Law of Ukraine № 2927-VI amended the Act of Ukraine dated 10.30.1996, № 448/96-VR "On State Regulation of Securities Market in Ukraine", according to which the State Commission of Securities and Stock Exchange (SCSSE) is issuing, re-executing, stopping the action or canceling the licenses on conducting professional activities in the securities market and issue duplicates and copies of such licenses. Specifically, it is settled that the SCSSE by the approval of the Cabinet will set fees for issuing such licenses and their renewal, and so on. Law № 2927-VI will come into effect six months after publication ("Voice of Ukraine" dated 02.04.1911, № 21).