Ukrainian President Volodymyr Zelensky has signed law No. 132-IX amending some Ukrainian laws stimulating investment activities in Ukraine approved by the Verkhovna Rada on September 20, according to a posting on the official website of the head of state. “The law aims to improve the investment climate in our country in certain areas, selected as a result of a comprehensive assessment of compliance of Ukrainian legislation with the best world practices described by the World Bank Group in the Doing Business rating methodology. The document amends a number of legislative acts that contain outdated and ineffective regulation. In particular, it is aimed at filling legal gaps, as well as introducing innovative legal instruments into the legal system of Ukraine.”
The main provisions of the law outline, among other things, liability of persons with an interest and officials of a joint-stock company for losses caused by an interested-party transaction concluded on non-market terms, the consent to which was granted by the majority shareholder or persons appointed by him; expanding the list of transactions that are considered related-party transactions.
The law abolishes the obligation to pay a contribution for the development of the infrastructure of a settlement. The law provides that contracts for the payment of contribution agreements concluded before January 1, 2020 are valid and continue to be valid until they are fully executed. During 2020, companies that ordered construction projects on a land parcel transfer funds to the appropriate local budget for the creation and development of the infrastructure of the settlement: for nonresidential buildings and structures – 4% of the total estimated cost of construction of the facility; for residential buildings – 2% of the construction cost of the facility. The law also defines facilities for the construction of which contribution is not paid.
In the field of land pledge agreements, the law abolishes the obligation to conduct an expert pecuniary valuation of private property land transferred as collateral.
In the field of activity of limited liability companies, the specifics of the creation and activity of limited liability companies operating on the basis of the model charter are determined.
The law enters into force on the day following the day of its publication.
