Business news from Ukraine

Business news from Ukraine

COMPANIES COMPLAIN THE MOST ABOUT ACTIONS OF TAX AUTHORITIES

In October-December 2020, the Business Ombudsman Council (BOC) received 451 complaints on malpractice of state officials, which is 9% more than in the same period of 2019 and 3% more than in July-September 2020, the BOC reported on Thursday.
According to a Thursday press release, businesses complained the most about actions of tax authorities (64%), law enforcement bodies (12%), state regulators (7%), customs and local government authorities (7%).
“Among the most common tax problems for businesses were tax invoice suspension (177 complaints) consisting of three types of issues: classical tax invoice suspension (100 complaints), inclusion of entrepreneurs in “risky” taxpayers’ lists (29 complaints) and non-enforcement of judgments on tax invoice registration (48 complaints),” the BOC said.
At the same time, actions of law enforcement bodies (56) were one of the reasons for the increase in the number of business complaints in the reporting quarter. The number of business complaints against the State Security Service of Ukraine (SBU) in Q4 2020 was the largest in the last ten quarters, the BOC said.
“In particular, entrepreneurs complained more about procedural abuses of the National Police and the State Security Service of Ukraine,” the BOC said.

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NATIONAL BANK OF UKRAINE’S OFFICIAL RATES AS OF 08/02/21

National bank of Ukraine’s official rates as of 08/02/21

Source: National Bank of Ukraine

OFFICIAL RATES OF BANKING METALS FROM NATIONAL BANK AS OF FEBRUARY 8

Official rates of banking metals from national bank as of February 8

One troy ounce=31.10 grams

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POLISH GETIN HOLDING SIGNS AGREEMENT TO SELL BANK TO UKRAINIAN BUYER

Polish Getin Holding S.A. (Wroclaw) on February 5 signed an agreement with a Ukrainian buyer for the sale of 100% of the shares of subsidiary Idea Bank (Lviv) and 100% of the shares of New Finance Service (Kyiv), Getin Holding S.A. has said.
According to a report on biznes.pap.pl, the parties plan to close the potential deal by September 30, 2021.
Before that the buyer will conduct due diligence the companies, and after a positive result of the due diligence the parties will proceed to agree on the terms of the potential transaction.
Getin Holding also reports that the company granted the buyer exclusive rights for negotiations until April 30, 2021.
Idea Bank (formerly Plus Bank) was founded in 1989. As of January 1, 2020, its sole shareholder was the financial group Getin Holding S.A. (Poland).
According to the National Bank of Ukraine, as of October 1, 2020, Idea Bank ranked 24th among 74 operating banks in terms of total assets (UAH 8.057 billion).

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UKRAINE PLANS TO VACCINATE AGAINST CORONAVIRUS UP TO HALF OF POPULATION

Ukraine intends to vaccinate up to half of the population against COVID-19 this year and early next year, President Volodymyr Zelensky has said.
“We now identify the next priority in the fight against coronavirus – vaccination. Its roadmap is designed to ensure proper and equal access to the vaccine for all residents of Ukraine. Its main task is to cover at least half of Ukraine’s population during 2021 and early 2022,” Zelensky said at the opening of the “Ukraine 30. Coronavirus: Challenges and Responses” Forum on Monday.
He said that vaccines against COVID-19 from four companies will be delivered to Ukraine.
“We have agreed to supply the vaccine from the Pfizer, Sinovac, AstraZeneca and Novavax companies to Ukraine. The first stage of vaccination will begin this month. Our doctors, the military and the National Guard will be the first to receive the vaccine,” Zelensky said.
In addition, the president said that Ukraine has taken the smart and effective steps to counter the pandemic.
“Ukraine has something to be proud of in terms of countering COVID-19… From the first day of fighting COVID-19, our actions were smart and effective,” the president added.
In particular, the President noted the effectiveness of tough quarantine.

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EUROPEAN INVESTMENT BANK TO PROVIDE UKRAINE WITH EUR 50 MLN FOR VACCINATION

The European Investment Bank will provide Ukraine with EUR 50 million for vaccination against COVID-19, Deputy Health Minister Ihor Ivaschenko said during a press briefing in Kyiv on Monday.
“Last week, the Cabinet of Ministers approved a president’s order authorizing Health Minister Maksym Stepanov to sign a letter amending the financial agreement between Ukraine and the EIB,” he said.
“The government has asked the EIB to redistribute part of the funds and channel them to the vaccination of the population in Ukraine. The Cabinet of Ministers has received confirmation of the provision of EUR 50 million, which will be used for the purchase of vaccines, equipment for the refrigerating chain, as well as logistics. Relevant amendments to the agreement will be signed in the near future,” the deputy minister said.

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