Transcript RUSSIA & CIS Private Clients Working with clients from
W orking with clients from Ukraine: Inbound and outbound investments Irina Paliashvili
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CONTENT
Country profile and investment climate Ukrainian antitrust regulation Confidential information Money-laundering regulation Anticorruption regulation Ukrainian taxes Double taxation avoidance treaties Cyprus, the Netherlands, Switzerland: bilateral treaties with Ukraine Tax information exchange Offshore jurisdictions Tax liability Currency regulations Dual citizenship Family law, inheritance in Ukraine Real estate Recognition of decisions of foreign tribunals in Ukraine
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COUNTRY PROFILE AND INVESTMENT CLIMATE
Ukraine is the 2 nd largest country in Europe by size and 6 th largest by population ; The population of Ukraine as of 1 Nov 2012 wa s 45.56 million people and fell 0.2% y.o.y.; Growth forecast for 2013 from 3.5% to 2.2% and further GDP data reviews are possible .
Ukrainian economy still largely depends on performance of export-oriented industries (metals, chemistry, etc.) vulnerable to price shocks on external markets. In particular, a 20% fall in metal prices led to Ukraine’s GDP decreasing by 0.3 percentage points.
EURO-2012 and parliamentary elections were strong catalysts; The Ukrainian currency devalued to the rate of 8:1 to the U.S. dollar and since 2010 stabilized at that ratio with moderate occasional corrections; worsening macroeconomic indicators, growing trade deficit, industrial decline, shrinking foreign exchange reserves, external debt servicing put a pressure on the national currency to depreciate; For the first time since 2002, Ukraine posted a deflation of 0.2% as a result of the monetary policy of the National Bank of Ukraine aimed at price and exchange rate stability during the election year. Experts signal that changes in NBU monetary policy and measures to be taken in response to IMF demands keep inflation risks high in 2013; IMF supported programs were put on hold during pre-election period, subsequent disbursements were postponed; however, discussions are expected to resume in the wake of the IMF missions to Ukraine. Days before the mission in Januray Ukraine signaled it could take a series of unpopular measures, including raising the price of natural gas and utilities, a long-delayed move that could help it unlock critical financial help from IMF. Other conditions include greater exchange rate flexibility, achieving the planned budget deficit size, and the fulfillment of a number of objectives in the banking sector;
UKRAINIAN ANTITRUST REGULATIONS
TRANSACTIONS THAT MAY BE SUBJECT TO ANTITRUST PRIOR APPROVAL
• • • • • • • merger or consolidation of a business entity acquisition of direct/indirect control over a business entity: direct or indirect acquisition, obtaining of ownership of, or management over, the shares (participating interest) of the business entity, if such acquisition results in the obtaining of over 25 % (but under 50%) or 50% (or over 50%) of the voting rights of the target business entity establishment of a JV acquisition of title, to assets comprising the integral property complex or its part (structural subdivision), as well as the rent, lease, concession or acquisition by other means of the right to use such assets, including the acquisition of such assets from a business entity being liquidated appointment/election to the senior management position of an individual who already holds a similar level position in another legal entity; causing the cross-over of more than half of the members of the supervisory board, management, or another supervisory or executive body of two or more business entities THE LIST IS NOT EXHAUSTIVE
THRESHOLDS FOR TRANSACTIONS SUBJECT TO PRIOR APPROVAL BY THE ANTIMONOPOLY COMMITTEE OF UKRAINE (AMCU)
(a) the combined worldwide total asset value or aggregated sales turnover for the last financial year of all participants in the concentration, taking into account their relations of controls, exceeds €12 million; and (b) the worldwide total asset value or aggregated sales turnover for the last financial year of at least two participants of a concentration, taking into account their relations of controls, exceeds €1 million; and (c) the total asset value or total sales of goods in the Ukraine for the last financial year of at least one participant in a concentration, taking into account its relations of controls, exceeds €1 million; OR, irrespective of the above thresholds, one or all the participants of the concentration-together with controlled or controlling entities have a market share which exceeds 35% of this or an adjacent product market
INFORMATION THAT MUST BE DISCLOSED TO THE AMCU
• • • • • • • • • • • Detailed description of the transaction Calculation of the aggregate value of assets and sales in the last fiscal year Data about the parties to the concentration, their control relations Information on significant shareholders (10% and more): ownership structure up to their beneficial owners i.e. individuals who are substantial shareholders Information about principal activities in Ukraine including market shares Lists of members of supervisory councils, other managing bodies Lists of individuals who are spouses, parents, children or siblings who are authorized to vote in the supreme management body Foundation documents, registration certificates, transaction documents Other specific documents that the AMCU requests to be provided, which depend on the nature, type and specifics of the concentration AMCU HAS THE RIGHT TO REQUEST ANY DOCUMENT/DATA IT DEEMS NECESSARY FOR CONSIDERATION OF AN APPLICATION Special procedure for filing confidential information: may be filed separately in an envelope, must be marked as “CONFIDENTIAL DATA” on each page
CONFIDENTIAL INFORMATION
CONFIDENTIAL INFORMATION
personal data commercial secret secrecy of correspondence advocate secrecy bank secrecy notary secrecy audit secrecy
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DISCLOSURE IS ALLOWED:
Based on the consent of the owner of information Based on the authority of the law enforcement bodies: - if data on law breach that entails criminal liability is available: upon decision of the head/deputy head of respective operative division - law enforcement authorities have the right to get acquainted only on site with documents and data describing companies’ activities, make copies thereof - upon Investigating Judge (elected position, the judge of the court of first appearance authorized to control observance of rights of persons engaged in criminal proceedings) decision – request such documents and data, as well as data on the suspects’ way of life, their income sources, etc., the collected documents should be left with suspects the copies of etc.
- upon Investigating Judge decision (in this case he should be a Head of the Court of Appeal of relevant oblast) the to prevent crime or to determine the truth during investigation of a criminal case if information cannot be obtained otherwise: law enforcement authorities have the right to enter into premises secretly, collect information from information channels, secret control over correspondence, under the new Criminal Procedural Code of Ukraine adopted in 2012 in exceptional cases of urgency associated with the preservation of human life and preventing the grave/ especially grave crime, secret investigative action can be initiated prior to enactment of the decree of the investigating judge by the decision of the prosecutor /investigator, agreed with the prosecutor. In this case, the prosecutor is obliged to immediately after the beginning of such secret investigation should address relevant request to the investigating judge - It is prohibited to involve in confidential cooperation during the undercover investigation: lawyers, notaries, medical professionals, clergy, journalists, if such cooperation will be linked to the disclosure of confidential information of a professional nature
MONEY LAUNDERING REGULATIONS
ANTI-MONEY LAUNDERING REGULATIONS
180 days rule - requirement for the return of currency revenue is temporarily shortened to 90 days effective 19.11.2012-19.05.2013
residents, must be received by them within 180 : payments for goods/services exported by Ukrainian residents must be received by them within 180 (temporary 90) (temporary 90) days after delivery of goods/performance of services. Import of goods/services, paid in advance by Ukrainian days after they made the advanced payment. •
2010 2012 - Important amendments to Ukrainian regulations (under FATF recommendations):
- Tighten control over financial operations - Raise the amount of transactions subject to financial monitoring from UAH 80’000 to UAH 150’000 - During the incorporation of a Ukrainian company the founders - legal entities must disclose their ownership structure up to their beneficial owners i.e. individuals who are substantial shareholders in those companies (if the Ukrainian company changes the owner(s), then such a disclosure is not required).
- Restrictions regarding insider information - Counteracting financing of terrorism - Restrictions on manipulation on stock market - Ukraine adopted the list of countries cooperation with, which is not recommended (2 countries: Iran and Democratic People's Republic of Korea)
28 October 2011 – Ukraine was removed from FATF “black list” for improving its AML/CFT
regime and: - Ukraine is no longer subject to FATF monitoring and cooperates with European Committee MONEYVAL on an ordinary basis - it is easier to do business with financial systems of countries labeled FATF-compliant, (U.S., U.K., etc.) - Ukraine needs to further improve its regulations according to new/developing FATF standards
ANTICORRUPTION REGULATIONS
ANTICORRUPTION REGULATIONS
• On 1 July 2011 new anticorruption Laws took effect: • Law of Ukraine No. 3206-VI "On the Fundamentals of Corruption Prevention and Counteraction" dated 7 April 2011 • Law of Ukraine No. 3207-VI "On Amending Certain Ukrainian Legislative Acts Pertaining to Liability for Corruption Offences" dated 7 April 2011 • New categories of individuals subject to anticorruption restrictions • New kinds of restrictions (gifts, services, etc.) • New criminal and administrative offences
INDIVIDUALS SUBJECT TO ANTICORRUPTION RESTRICTIONS
1. Persons authorized to perform responsibilities of the State or local self-governed bodies:
the President of Ukraine, Ministers, People's Deputies of Ukraine, Deputies of the Verkhovna Rada of the Autonomous Republic of Crimea, Deputies of local councils, Public servants and officials of local government, Military officers, Judges, officers and officials of public authorities, etc.
2. Persons regarded as being authorized to perform the responsibilities of the State or local self-governed bodies:
– Officers of public-law legal entities who receive their salary from the State or local budget – Individuals rendering public services (auditors, notaries, and appraisers, as well as experts, arbitration managers, independent brokers, members of labor arbitration tribunals, arbitrators in the time of performance of these functions, other persons in cases established by law) – Officials of foreign states, international organizations
3. Persons who hold permanently or temporarily positions of organizational-executive or administrative-economic functions, or the persons specially authorized to perform such duties in private law legal entities irrespective of their corporate form pursuant to the law;
4. Officers of legal entities and individuals - if an unlawful benefit is received from them or through their involvement by the persons listed in cl. 1 - 2;
ANTICORRUPTION REGULATIONS MAIN RESTRICTIONS
• • • • • • • prohibition to use official powers with the purpose of gaining illegal benefit /the acceptance of a promise / offer of such a benefit for themselves or other persons restrictions for the persons authorized to perform responsibilities of the State or local self governed bodies to be engaged in other paid or entrepreneurial activities (apart from teaching, scientific, and creative activities, medical practice, and sports coaching and referee practices) restrictions for persons authorized to perform responsibilities of the State or local self governed bodies after resigning from position restrictions as to acceptance of gifts prohibition to refuse to provide individuals /legal entities with the information that must be provided under the law Obligation of government official to submit declaration concerning the property, income, expenses, and obligations of financial nature for the previous year, annually by April 01, at the place of their employment (service), but this obligation not applicable to relatives individuals/legal entities are not allowed to provide goods and services to public authorities or local self-governed bodies free of charge
UKRAINIAN TAXES
UKRAINIAN TAXES
• The Ukrainian tax system is one of the most burdensome in the world.
• In a tax systems ratings, Ukraine is usually placed well down the list. • The Ukrainian tax system is developing. • The Ukrainian tax reform is not sufficiently effective.
UKRAINIAN TAXES – BRIEF OVERVIEW
• • • • • • • • • Individuals - tax residents are taxed on worldwide income; residency is determined by several criteria, among them the 183 days residency requirement. Both resident and non-resident individuals are taxed at flat tax rates of: 15% or 17% (depending on the level of income). Shareholder-Relief System: tax rate for dividends - 5% (including dividends from foreign sources) Corporate profits are subject to 19% tax in 2013 .
The tax rate will be reduced to 16% by 2014 . Various “single unified tax” options are available for small and medium size businesses. Dividends from non-residents: currently 19%, will be reduced to 16% (by 2014).
Participation exemption of 0% for dividends from residents and controlled (non-offshore) non-residents.
Loss carry forward – unlimited, no loss carry back Withholding tax is 15 % (dividends, income from sale of shares, royalties, interests, certain other incomes) No capital gains Inheritance tax depends on the object to be inherited, kinship and residency (0% / 5% / 15%) Tax consolidation provided The VAT rate is 20% and is to be reduced to 17% by 2014. No reduced rate Double Tax Treaty Network (over 65 DTTs): reduction /elimination of WTH taxation/refund of extra tax
DOUBLE TAXATION AVOIDANCE TREATIES
UKRAINE’S DOUBLE TAXATION AVOIDANCE TREATIES
Austria Azerbaijan France Georgia Lebanon Libya 2010 Republic of South Africa Serbia Algeria Armenia Germany Greece Lithuania Macedonia Singapore Syria Belgium Belorussia Brazil Bulgaria Canada Hungary Iceland India Indonesia Iran Malaysia USSR DTAA Mexico 2012 Morocco Moldova Mongolia Slovakia Slovenia Spain USSR DTAA Switzerland Sweden China Croatia Cyprus USSR DTAA(*) Czech Republic Denmark Egypt Estonia Finland (*)New Ukrainian-Cypriot DTAA signed on 08.11.2012, not ratified as of this date. Cancels USSR DTAA for Ukraine.
Israel Italy Japan USSR DTAA Jordan Kazakhstan Republic of Korea Kuwait Kyrgyz Republic Latvia Montenegro the Netherlands Norway Pakistan 2011 Poland Portugal Romania Russian Federation Saudi Arabia 2012 Tajikistan Thailand Turkey Turkmenistan United Arab Emirates UK USA Uzbekistan Vietnam
CYPRUS, THE NETHERLANDS, SWITZERLAND: BILATERAL TREATIES WITH UKRAINE
CYPRUS, THE NETHERLANDS, SWITZERLAND: BILATERAL TREATIES WITH UKRAINE
The NETHERLANDS SWITZERLAND AREA
Legal assistance in civil cases Avoidance of double taxation of incomes and property Legal assistance in criminal cases Promotion and mutual protection of investments Readmission staying persons of illegally Combating laundering and crime Cooperation in the area of competition policy Legalization of foreign documents money official Kyoto Protocol on climate change
CYPRUS
(2010)
(2005)
(2010)
CYPRUS, THE NETHERLANDS, SWITZERLAND: BILATERAL TREATIES WITH UKRAINE
AREA
Uniform law for bills of exchange and promissory notes Economic, scientific, technical and industrial cooperation Energy community
CYPRUS
Cancellation of visas for holders of diplomatic and service passports Culture Tourism Trade
(holders of diplomatic passports only)
International service into Ukraine highway Establishment of visa free regime for entrance
The NETHERLANDS
SWITZERLAND
(holders of diplomatic passports only)
USSR-CYPRUS AGREEMENT ON AVOIDANCE OF DOUBLE TAXATION
• • • • • • In general, old USSR agreements for the avoidance of double taxation are valid in Ukraine until new agreements are made and take effect. the USSR-Cyprus Agreement (signing date: 29.10.82) is still in effect the Agreement is applicable to the persons who are treated for tax purposes as having permanent residence in one or both States the Agreement is applicable to national and local taxes levied in accordance with the laws of each State incomes derived in one State by a person that has permanent residence in the other State are only taxable in the first State if derived through a permanent representative office located there and only to the extent covering the operations of the permanent representative office tax exemptions apply to any incomes that arise in Ukraine or Cyprus, including dividends, interest, royalty, property alienation proceeds, etc., that are remitted from one country to the other one, except for some taxes levied on individuals and permanent representative offices’ incomes Note: On November 8, 2012 the President of Ukraine has signed the new agreement with Cyprus on avoidance of double taxation, which will take effect after the ratification by the Verkhovna Rada and the Cyprus Parliament. If the parties do not delay the process and the parliaments of both states ratify the agreement by the end of 2013, the provisions of the Agreement will take effect as of 1 January 2014. Until then, the old agreement dated 29 October 1982 will be valid.
PRINCIPAL PROVISIONS OF THE NEW UKRAINE -CYPRUS AGREEMENT ON AVOIDANCE OF DOUBLE TAXATION DATED 8 NOVEMBER 2012
• • • • • • Article 5 of the agreement considers the term "permanent representative office" in accordance with the OECD standards. Thus any object, installation project, monitoring activities of same can have a status of a permanent representative office (acting enterprise), if the duration of their activity exceeds 12 months.
The rate of tax on dividends is 5% if the beneficiary owner owns at least 20% of the capital of company that pays the dividends, or the beneficiary has invested at least € 100.000 to the company. In other cases the dividends tax rate will amount to 15%.
The interest tax rate amounts to 2%.
The income tax rate for payment of royalty will be 5% if it refers to the author's scientific work, any patent, trade mark, secret formula, information concerning industrial, commercial or scientific know-how process. In all other cases the rate of income tax on royalties is 10% (for example, royalties on films).
The right to levy a tax on the increase of capital gains resulting in the sale of shares or any movable property is granted to the State in which the person who performs the sale is a tax resident.
The new Agreement includes the latest version of Article 26 of OECD on exchange of information that illustrates the commitment of Cyprus to the internationally recognized standards of taxes and transparency. However, the Protocol to the Agreement clearly stipulates all the necessary procedural steps related to the request on providing information, therefore providing maximum protection of the taxpayers from the possible abuse of this clause.
TAX INFORMATION EXCHANGE
TAX INFORMATION EXCHANGE: GROUNDS
• • •
Multilateral treaties
Joint Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters (1988) Agreement between the States-Members of the CIS on Cooperation and Mutual Aid Regarding Observance of Tax Legislation and Combating Infringements Thereof (1999) European Convention on Mutual Assistance in Criminal Matters (1959) with additional Protocol of 1978 Bilateral Double Taxation Avoidance Treaties (69 countries)
Special Bilateral Agreements With Tax Authorities:
Azerbaijan Belgium Estonia Moldova the Netherlands Slovakia USA Uzbekistan • •
National Regulations (mostly adopted by the State Tax Administration):
Procedure of Information Exchange Pursuant to Special Requests Procedure for Implementing Cooperation Between Trade and Economic Missions of Diplomatic Institutions Abroad and the State Tax Administration of Ukraine Ukraine's 28
TAX INFORMATION EXCHANGE: INFOMRATION SUBJECT TO EXCHANGE
• • • •
Types of tax information exchange
per request automated (periodic) spontaneous exchange simultaneous tax checks • • • • • • • • •
The following information regarding taxpayer may be subject to exchange
residence status of an individual or a legal entity, taxpayer status of the legal entity, income type in the country of origin, officially declared revenues and expenses, bank information, financial reports, accounting information, information on prices under contracts, names and addresses of company management and employees etc.
OFFSHORE JURISDICTIONS
DISINCENTIVES FOR PAYMENTS TO BLACKLISTED OFFSHORE JURISDICTIONS
The Ukrainian CPT payer is restricted in accounting its payments as tax deductable costs if those are paid to a company located in a blacklisted offshore jurisdiction.
Not tax-deductable Marketing services/works Consulting services/works Advertising services/works Engineering services/works Royalties Tax-deductable in the amount of 85% of the payment all other payments to a company located in a blacklisted offshore jurisdiction
British Insular Regions
Alderney Guernsey Jersey Isle of Man
Middle East
Bahrain
Central America
Belize
Europe
Andorra Gibraltar Monaco
BLACK LIST OF OFFSHORE JURISDICTIONS
Africa
Liberia Seychelles
Pacific Region
Vanuatu Marshall Islands Nauru Niue Cook Islands Samoa South Asia Maldives Republic
Caribbean Region
Anguilla Antigua and Barbuda Aruba the Bahamas Barbados the Bermudas British Virgin Islands U.S. Virgin Islands Grenada Cayman Islands Montserrat Netherlands Antilles Puerto Rico Saint Vincent and Grenadines Saint Kitts and Nevis Saint Lucia Commonwealth of Dominica Turks & Caicos Islands 32
TAX LIABILITY
TAX LIABILITY
• • •
Criminal liability of company official/individual
Liability threshold 57,350 EUR.
Criminal fines ranging 1,700 EUR up to 38,636 EUR + restriction to hold certain positions or exercise certain activities up to 3 years + confiscation of property Not applicable if taxes and fines are paid prior to the individual being charged •
Administrative liability of company official/individual
Fines up to 34 EUR • • • • •
Financial Liability of the company
Most fines range up to 102 EUR Violation of rules of amending tax declarations: fine - 5% of the amount of tax due reduction Lowering of tax dues or increase of the VAT compensation: fine - 25% of the unpaid tax amount, 50% thereof if repeated Violation of rules of charging, withholding and payment of taxes at the payment source fine - 25%, 50%, or 75% of the unpaid tax amount A penalty (interest) is applied to the undue tax payments at the rate of 9 % yearly *1 EUR = 10 UAH
CURRENCY REGULATONS
GENERAL FOREIGN CURRENCY REGULATONS
• Overregulated and archaic currency regime • Foreign currency allowed in economic transactions of Ukrainian residents with non residents • Licenses are issued by the National Bank of Ukraine (NBU) to allow banks and financial institutions to perform foreign currency transactions • • Registration/prior expertise of certain services contracts » contract on works/services/royalties the payment under which exceeds 100,000 EUR requires an evaluation » loans made to a Ukrainian entity by a foreign entity, including inter company loans 180 days rule - requirement for the return of currency revenue: payments for goods/services exported by Ukrainian residents must be received by them within 180 days after delivery of goods/performance of services. Import of goods/services, paid in advance by Ukrainian residents, must be received by them within 180 days after they made the advanced payment.
The above 180-day term is temporarily shortened to 90 days effective 19.11.2012 19.05.2013.
CROSS-BORDER TRANSFER LIMITATIONS
Individuals may perform only non-trade and non-investment cross-border transactions without a license from NBU.
A Ukrainian individual may (without opening a bank account): send 15000 UAH (~1500 EUR) per bank day receive 50000 UAH (~5000 EUR) per bank day the amount to be received is temporary increased to 150000 UAH (~15000 EUR) per bank day effective 28.11.2012 – 28.05.2013
• • • • A Ukrainian resident must receive an NBU one-time individual licenses for: placement of currency valuables in bank accounts abroad transferring foreign currency for payments in foreign currency abroad making investments abroad making a loan abroad A foreign contract on works/services/royalties, the payment under which exceeds 100,000 EUR, requires a prior expert evaluation by the State Information-Analytical Centre for Monitoring Foreign Commodity Markets.
DISCLOSURE OF COMPANY BENEFICIARY OWNERS
Legal entities must disclose their ownership structure up to their beneficial owners i.e. individuals who are substantial shareholders (10% and more) in those legal entities , during the incorporation of a Ukrainian company.
DUAL CITIZENSHIP
DUAL CITIZENSHIP IN UKRAINE
• Dual citizenship is forbidden de jure, but is widely spread de facto. • Ukraine is powerless against the persons of dual citizenship.
• Government believes that dual citizenship problem threatens national security of Ukraine.
• Amendments to the legislation - a distracting step that does not solve the dual citizenship problem. The bill that stipulates penalties for dual citizenship has been adopted by the Verkhovna Rada on 2 October 2012. However, the bill has not been signed by the President yet. On November 2, 2012 the President presented the Proposals regarding improvement of the bill and the reasons of the impossibility to sign the bill in the adopted version. Consideration of this bill subject to the President's proposals was postponed for an indefinite period of time.
FAMILY LAW INHERITANCE IN UKRAINE
FAMILY LAW ISSUES
• Joint spousal property • Specifics of joint spousal property disposal • Recognition of pre-marriage and marriage agreements Existing and future property rights The scope of children’s rights cannot be less than statutory “Extremely unfavorable position” of a spouse • Corporate rights • Foreign companies– remedy against marital and family risks
INHERITANCE IN UKRAINE
• General inheritance matters Inheritance structure Inheritance types Order of heirs Exercising the right to inherit Inheritance acceptance timeframe • Inheriting corporate rights • Recognition and enforcement of judgments • Minimizing inheritance risks via foreign structures
REAL ESTATE
REAL ESTATE
• Foreign individuals and legal entities have the same rights as Ukrainian individuals and legal entities in acquisition of real estate, except for agricultural land • State Register of Real Estate Property Rights is operative since 1 Jan 2013 •
Moratorium on sale of agricultural land has been extended
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Formalization of titles to real estate
•
Taxes
TRUSTS AND NON-CHARITABLE FUNDS
• Management of property as defined by Ukrainian law • Trust companies • Mutual funds in the sphere of construction • Collective Investment Institutions Note: a new Law "On Collective Investment Institutions“ will restate the current Law "On Collective Investment Institutions (Unit Investment Funds and Corporate Investment Funds)“ on 1 January 2014. • Consultancy instead of trust management
RECOGNITION OF DECISIONS OF FOREIGN TRIBUNALS IN UKRAINE
RECOGNITION OF DECISIONS OF FOREIGN TRIBUNALS IN UKRAINE
Subjects to recognition and execution in Ukraine are:
1. Decisions of the international commercial arbitrations made in the territory of other states than Ukraine, but which are the subject to execution in Ukraine (i.e. execution of foreign arbitral awards) – based on international treaties and conventions. 2. Decisions of courts of the foreign states, which are subject to execution in Ukraine - based on international treaties and conventions, or based on reciprocity.
BILATERAL AGREEMENTS
Ukraine has concluded bilateral international agreements:
• • • • on legal assistance in civil, family and criminal cases with Latvia, Lithuania, the CIS countries; on legal assistance in civil and criminal cases with Vietnam, Georgia, China, Moldova, Mongolia, Poland, Uzbekistan, Estonia, Cyprus, Cuba, Korea, Syria, Iran, Germany, Libya, Hungary; on legal assistance in criminal cases with the Netherlands, Switzerland, Hong Kong, the USA, Brazil, India, Panama, Egypt; on legal assistance in civil cases with Hungary, Greece, Macedonia, Turkey, Czech Republic, Bulgaria, Romania.
MULTINATIONAL TREATIES Multinational treaties signed by Ukraine:
• European Convention on Human Rights • New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards • European Convention on International Commercial Arbitration • Convention on the Settlement of Investment Disputes between States and Nationals of other States (ICSID Convention) • CIS Agreement on Procedure of Commercial Disputes Resolution • CIS Agreement on Legal Assistance in Civil, Family and Criminal Cases
RECOGNITION OF FOREIGN TRIBUNALS DECISIONS IN UKRAINE
Procedure for execution of foreign arbitral awards
1. Initiation and carrying out of recognition and execution procedure. 2. The courts competent to consider cases on recognition and execution of foreign arbitral awards 3. Decisions of the courts on cases on recognition and execution of foreign arbitral awards
RECOGNITION OF FOREIGN TRIBUNALS DECISIONS IN UKRAINE
Procedure for execution of foreign court decisions
1. The courts, competent to consider cases on recognition and execution of foreign arbitral awards 2. Initiation and passing of recognition and execution procedure. 3. Decisions of the courts on cases on recognition and execution of foreign arbitral awards.
RECOGNITION OF FOREIGN TRIBUNALS DECISIONS IN UKRAINE
In June 2012 Ukrainian district court in the Kyiv City rendered a decision (case No 2601/9578/12) which deals with important issues of recognition and enforcement of foreign court decisions in Ukraine: - it is the first recognition and enforcement of the UK court decision based on the application of "reciprocity" principle - the Court treated the UK court order as a "decision of a foreign court" under the Civil Procedure Code of Ukraine - the Court ruled that possessed jurisdiction over a dispute because Respondent's assets were located in Ukraine