Ukraine Business Council (USUBC) hosted a meeting with Kostyantyn Chyzhyk, a new Deputy Head of Office of the National Investment Council of Ukraine, while his trip to Washington for young political leaders program. 

Those who attended the meeting were:  Archer Daniels Midland Company (ADM); Philip Morris International; McLarty Associates; RULG-Ukrainian Legal Group; Shell; Bunge; Embassy of Ukraine; U.S. Department of Commerce

The USUBC members in attendance were able to discuss the current priorities of the National Investment Council which, in addition to soliciting major players in various industries to make new or expand existing investments, now will also focus on the investment climate policy.

 Mr. Chyzhyk’s responsibilities include working on improving business climate through the policy changes which affect international investors in Ukraine.

During the Q&A session USUBC member companies noted the improvements in certain areas where the business and the government interact in Ukraine (e.g. the automated VAT refund system which works well with the current VAT but still has some issues with prior years’ refunds; the Prozorro public procurement system; etc.).

Participants also expressed the need to continue reforms in areas like the public land management system and the State Land Cadaster which contribute to gray market for agricultural commodities; judicial sector reform and the eradication of corruption; seemingly arbitrary behavior of some of the State Fiscal Service and the Anti-Monopoly Committee of Ukraine representatives which lately initiated proceedings against businesses on some less than solid grounds; etc.

In the picture:  Olexiy Chernyshev, Embassy of Ukraine to the USA; Boris Chumak, U.S. Department of Commerce; Kostyantyn Chyzhyk, National Investment Council of Ukraine; Morgan Williams, President, USUBC

 A concern was expressed by USUBC members about the proposed introduction of the new taxation system based on the replacement of corporate income tax with the tax on distributed capital which may result in some businesses losing tax loss carry-forwards and pre-paid corporate income tax which is due for refund.

NOTE: The National Investment Council of Ukraine (NIC) is a consultative and advisory body under the President of Ukraine. It was established to intensify the development of the investment potential of Ukraine, increase the volume of foreign investments, improve the investment climate in the country and ensure the protection of the investors' rights.

USUBC hosted a very successful meeting with Secretary of the National Investment Council of Ukraine Borys Lozhkin and Head of Office of the NIC Yuliya Kovaliv in Washington in February 2017. 

To view pictures of the event with Borys Lozhkin, please follow the link: