Investment protection & incentives

•Investment incentives are generally available on an equal basis for both local companies and foreign investors. •In-kind contributions may benefit from certain tax exemptions. Property (except for goods for re-sale) contributed by a foreign investor to statutory fund of a Ukrainian entity can be imported free of import duty. Exemption from import VAT is available for fixed assets imported into Ukraine as an in-kind contribution to statutory fund of a Ukrainian legal entity. •Exemption from import duties is available in respect of goods traded with ex-USSR countries. Accounting and financial reporting and banking system

•The banking system consists of National Bank of Ukraine and commercial banks. The National Bank of Ukraine (NBU) is country’s central bank that leads a uniform monetary policy and performs bank supervisory functions. •The law On accounting and financial reporting provides for National Regulations (Standards) on Accounting in Ukraine (NR(S)AU) which are intended not to contradict IAS. Overall, standards combine concepts found in IAS, but with less interpretative guidance.

Exchange control

•Export proceeds in hard currency received by a Ukrainian company usually are subject to a mandatory 50% conversion requirement. •Payments under foreign trade contracts between a resident and a non-resident entity should be in foreign currency only. •Certain transactions between residents and non-residents require a license from NBU. •Foreign loans must be registered with NBU. •Payments in foreign currencies between residents of Ukraine are prohibited. •Ukrainian companies usually must receive payment for exported goods, and obtain pre-paid imported goods within period of 90 days.

INTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS, KIEV-ODESSA, UKRAINE www.murs.com.ua

Odesa 65014, Uspenska St., 15/6 Ph.: +38 (048) 715 58 55 Fax: +38 (0482) 49 69 25

veritas@murs.com.ua Kyiv 01025, Velyka Zhytomyrska St. 15/8 Ph.: +38 (044) 235 73 97 Fax: +38 (044) 212 32 50

info@murs.com.ua

Arthur Nitsevych Certified attorney-at-law Master of science in accounting Director INTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS, KIEV-ODESSA, UKRAINE www.murs.com.ua

Odesa 65014, Uspenska St., 15/6 Ph.: +38 (048) 715 58 55 Fax: +38 (0482) 49 69 25

veritas@murs.com.ua Kyiv 01025, Velyka Zhytomyrska St. 15/8 Ph.: +38 (044) 235 73 97 Fax: +38 (044) 212 32 50

info@murs.com.ua

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