T.A.S. Overseas Investments Limited (Cyprus) belonged to Sergiy Tigipko has become a direct shareholder in private joint-stock company AB Stolychny concrete asphalt plant, building up a 47.89% stake in the company. The private joint-stock company reported in the information disclosure system of the National Commission for Securities and the Stock Market that as of December 31, 2019 T.A.S. Overseas Investments become direct owner of 34.467 million ordinary shares in the plant, which the company owned indirectly via Luregio Limited (Cyprus).
Ukraine’s Antimonopoly Committee of Ukraine on December 13, 2019 permitted T.A.S. Overseas Investments to acquire share in Luregio Limited, which will grant over 50% of the votes in the management body of the company.
The key shareholders of AB Stolychny concrete asphalt plant as of the third quarter of 2019 were Serhiy Samusev and Tigipko with shares of 47.9% and 22.6% respectively, as well as Forvink Limited (Cyprus, 24.7%, while as of the end of 2017, this stake was owned by Wecker Limited). The ultimate beneficiary of the company as of January 19, 2020 was Tigipko.
The American Chamber of Commerce in Ukraine has urged Ukraine’s authorities to start discussions on tax reform with the business community and revise some provisions of the law with amendments to the Tax Code (bill No. 1210). “Chamber members are ready to continue providing expertise to make Ukrainian tax legislation transparent, predictable, and effective during discussions on tax reform,” the Chamber said in a press release.
According to Chamber experts, the draft law contains both favorable and unfavorable amendments for the business community.
Among the provisions that will increase fiscal pressure against bona fide taxpayers, deteriorate Ukraine’s investment attractiveness as well as negatively affect the development of the economy are the following: lack of a clear for a taxpayer algorithm of determining a reasonable economic cause (business purpose); equaling tax rates for tobacco-containing products for heating to cigarettes; increase of penalties for late payment of the agreed financial obligation and equaling transactions to the actual payment of dividends with accrual and payment of advance contributions.
The implementation of BEPS (Base erosion and profit shifting) plan is in line with the fulfillment of international obligations taken by Ukraine. However, it would be worth considering such an important and largescale changes separately, the Chamber said.
The reduction of penalties for untimely registration and non-registration of tax invoices not provided to the buyer and the abolishment of the cancellation of VAT refund on the export of soybeans and rapeseeds as well as several other amendments on improvement of tax administration are positive.
Four air quality monitoring stations will be constructed in Kyiv in 2020, the press service of Kyiv City State Administration (KCSA) has said. “The first four air quality monitoring stations will be constructed on the left bank of the Dnipro River in Kyiv in 2020. The construction of a chemical treatment system will also be launched at the Energia incineration plant,” reads the statement.
Kyiv City Council has allocated funds from the budget for the construction of the air quality monitoring system, the press service said.
The Nordic Environment Finance Corporation (NEFCO) will provide Ukrainian municipalities with loan financing of EUR 12 million to modernize water supply facilities, increase their energy efficiency and for wastewater treatment.
NEFCO and the European Union representative office in Ukraine announced the launch of an appropriate program to modernize the water supply system in Ukraine as part of the Neighborhood Investment Platform (NIP) on January 15.
As part of this program, NEFCO issued EUR 12 million for lending to Ukrainian local authorities. The EU contribution is EUR 5 million in grant assistance, and Sweden will provide technical assistance of up to EUR 1.5 million through the Swedish International Development Cooperation Agency (Sida).
As expected, water supply companies will finance part of the projects at their own expense.
“The water sector in Ukraine is in need of major investments to modernize the system, as little has been done after the collapse of the Soviet Union in the early 1990s. Tariffs do not cover the costs, and water utility companies, over 80% of them owned by municipalities, have found it hard to cope with the investments required. As a result, the performance of many of the utilities has become inefficient due to deteriorated infrastructure. A large part of the pipeline networks, pumps and water treatment and purification plants are worn out or do not meet the necessary standards,” NEFCO said on its website.
NEFCO is an international financial organization created in 1990 by the countries of Northern Europe. Its activities are related to financing practical activities that promote “green” growth.
As many as 133 people died and 99 people were injured as a result of fires in Ukraine since the beginning of 2020, the State Emergency Situations Service has said.
“Some 133 people died and 99 people were injured as a result of fires in Ukraine since the beginning of 2020. More than a half of 2,268 fires broke out in citizens’ dwellings,” reads the statement.
