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Tax and Legal News - Amendments to production sharing agreements (PSA) regulation and taxation take force
Ernst & Young, Kyiv, Ukraine, Thursday, November 08, 2012
On 2 October 2012, the Ukrainian Parliament passed two laws aimed at improving production sharing agreement (PSA) regulation and taxation:
► Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding Performance of Production Sharing Agreements” No. 5406-VI
► Law of Ukraine “On Amendments to the Tax Code of Ukraine to Regulate Certain Tax Issues” No. 5412-VI.
The Laws took force on 7 November and 4 November 2012 respectively.
Although the Laws have not cleared up all the uncertainties and issues pertaining to PSAs in Ukraine, they have resolved many important problems. Particularly, the Laws intend to address a number of crucial practical matters we encountered in our work on PSA projects in Ukraine.
It is important however that the Ukrainian authorities interpret and apply the Laws correctly.
Below we comment on the most important changes the Laws make in the realm of tax, financial accounting and reporting, customs and currency control issues. We do not address other regulatory and legal provisions of the Laws in this letter.
