Business news from Ukraine

PRESIDENT OF UKRAINE SIGNS LAW ON LAND USE PLANNING

On July 22, President of Ukraine Volodymyr Zelensky signed the law, which proposes to resolve the issues of establishing borders and integrated spatial planning of communities. This is evidenced by the information on the website of the parliament.
As reported, the Verkhovna Rada of Ukraine has adopted at the second reading bill No. 2280. It was supported by 320 MPs.
The bill establishes that the purpose of the land plot is determined by its owner independently, information about the type of purpose of the site chosen by the owner is entered into the State Land Cadastre. Establishing and changing the type of intended use of the land plot by its owner does not require the development of documentation on land management and decision-making by authorities, local authorities (except for defense lands).
The bill proposes settlement of community boundary issues; integrated spatial planning of community territories, while eliminating the need to develop several types of urban planning documentation and land management documentation related in content. It is also proposed rationing issues related to the approval of such documentation; rationing the formation of an electronic cartographic basis for territory planning; ensuring a real link between socio-economic development programs and spatial planning documentation; creating a mechanism for accounting for public and private interests through public discussion.

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PARLIAMENT APPROVES PASSES BILL TO IMPLEMENT THREE-YEAR BUDGET PLANNING

On Thursday, the Verkhovna Rada passed at second reading bill No. 8044, amending to the Budget Code of Ukraine on the implementation of medium-term budget planning, which introduced three-year budget planning. An Interfax-Ukraine correspondent reported that 238 deputies backed the document.
“We have been working for three years to consolidate a civilized approach to budget planning in the state. This is the main reform in the field of public finance,” Finance Minister Oksana Markarova said, commenting on this decision on the ministry’s website.
She recalled that in the pilot mode, this approach has worked successfully since 2017.
The Finance Ministry said that the adopted bill establishes the rule that state and publicly guaranteed debt cannot exceed 60% of GDP, and the national budget deficit – 3% of GDP. In addition, state guarantees will not exceed 3% of the planned revenues of the general fund of the national budget, and the maximum amount of the national budget deficit in the law on the national budget cannot be larger than the deficit in the Budget Declaration.
The finance minister said that three-year budget planning is necessary to ensure strategic priorities with a financial resource, as well as to increase the responsibility of spending units.

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