Ukraine’s Verkhovna Rada has ratified a treaty between the governments of Ukraine and Qatar on avoidance of double taxation and prevention of income tax evasion.
The Finance Ministry of Ukraine reported on its website that the ratification of the treaty will help to accelerate the prevention of tax evasion, mutual reduction of tax obstacles for investment and trade.
The treaty introduces taxation of dividends at the rate of 10%, as well as 5% for dividends received by a company holding less than 10% of the capital of the dividend payers. The document sets taxation of royalties at the rate of 10% and 5% for other cases.
In addition, the treaty foresees the exchange of tax information without reservations about the requirements of national tax interest or bank secrecy, the Finance Ministry said.
Revenue of Ukrainian banks, not taking into account insolvent ones, totaled UAH 20.18 billion in January 2019, which is 38% more than in January 2018, the National Bank of Ukraine (NBU) has reported on its website. The number of banks for the period from February 1, 2018 to February 1, 2018 decreased to 77 from 82 financial institutions.
The National Bank said that the interest income of banks in January increased by 18%, to UAH 13.282 billion, commission fees – by 18%, to UAH 4.628 billion. In addition, banks received UAH 1.656 billion from revaluation and purchase/sale operations (a loss of UAH 1.059 billion was recorded in January 2018), UAH 481 million of other operating income (an increase by 11%), UAH 79 million of other income (a decrease by 39%) and UAH 54 million from return of written-off assets (an increase by 38%).
The expenses of the banking system in January 2019 amounted to UAH 14.754 billion, which is 14% more than in January 2018.
Interest expenses increased by 10%, to UAH 6.255 billion, commission fees – by 35%, to UAH 1.47 billion, administrative expenses – by 15%, to UAH 4.136 billion, and contributions to reserves – by 14%, to UAH 1.759 billion. In addition, other operating expenses increased by 20%, to UAH 821 million, and other expenses decreased by 3%, to UAH 77 million.
After tax deduction, the net profit of Ukrainian banks in January 2019 amounted to UAH 5.426 billion, which is a 3.2-fold rise compared with January 2018.
UDP Renewables of businessman Vasyl Khmelnytsky on March 1, 2019 launched its third solar power plant Scythia Solar 1 in Zaporizhia region with a power capacity of 13 MW. The company’s press service reported that investment in the project reached $10.1 million. The plant consists of 38,232 solar panels produced by JinkoSolar. It will allow generating nearly 16.2 GWh per year. The plant is located on an area of 20 ha.
EPC contractor is a Ukrainian group of companies KNESS. Financial partner of the project is Ukrgasbank (Kyiv). According to a posting on the website of UDP Renewables, it plans to boost the capacity of solar power plants from 24 MW to 175 MW this year.
As reported, in November 2018, UDP Renewables launched the 18.3 MW Free-Energy-Henichesk solar power plant in Kherson region. Investment totaled $18 million.
UDP Renewables currently also operates Dymerska Photovoltaic Power Plant 1 (Kyiv region) with a capacity of 6 MW.
UFuture Investment Group, headquartered in Brussels, was established in autumn 2017 and united the business projects of Khmelnytsky. The group includes the Ukrainian development company UDP, which core business is the implementation of large infrastructure projects.
SOLAR POWER PLANT, UDP, VASYL KHMELNYTSKY'S, ZAPORIZHIA REGION
National Energy Company Ukrenergo has signed a contract with Xian Electric Engineering Co. Ltd. (China) to reconstruct the 330 kV Brovarska substation with the installation of an autotransformer, the press service of the company has reported. The press service said that 11 companies from eight countries took part in a tender under the rules of the European Investment Bank (EIB), which finances the project. The cost of the project fell by 25%, to EUR 19.4 million.
Reconstruction of the Brovarska substation envisages the installation of modern complete switchgears with SF insulation and the modernization of relay protection and emergency control systems.
In addition, an additional 330/110/35 kV autotransformer with a capacity of 200 MVA will be installed at the substation. This will ensure the reliability and security of energy supply to consumers of the Kyiv energy hub – Brovary, Boryspil and Baryshivka districts of Kyiv region, including the Boryspil airport, as well as expand opportunities for their further economic development.
“Modernization of the Brovarska substation is one of the strategic projects of Ukrenergo. In two and a half years, this substation will be fully automated in accordance with international requirements for reliability and safety,” Deputy Director for Investment Volodymyr Kudritsky said.
Ukrenergo operates trunk and interstate transmission lines, as well as centralized dispatching of the country’s integrated power grids. It is a state-owned enterprise managed by Ukraine’s Finance Ministry. The company will be soon reorganized into a private joint-stock company.
One troy ounce=31.10 grams
