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Contents
Introduction 7
I. Ukraine as a potential Investment region. 7
1.1. Looking into pros and cons of investment. 7
1.2. Regional Diversity and Foreign Investments. 13
II. State of Foreign Investment in Ukraine. 16
III. Legal and Administrative Framework of Foreign Investments 19
IV. Privatization and Problems For Foreign Investors 26
4.1. Privatization obstacles 26
4.2. Land privatization 31
4.3. Privatizing apartments and buildings 33
4.4. Post-privatization investment : How to deal with obstacles 35
V. Military Conversion Complexes and Foreign Investment 41
VI. Foreign Investment in Food Processing Sector 49
VII. Taxation and Foreign Investment 50
7.1. Balance Profit 51
7.2. Deductions 51
7.3. Taxable persons 52
7.4. Corporate Tax Rates 53
7.5. Existing Tax Benefits 56
7.5.1. Benefits Applicable to All Enterprises 56
7.5.2. Enterprises with Foreign Investments 57
7.5.3. Agricultural Enterprises 57
7.6. Valuation 58
7.6.1. Fixed Assets 58
7.6.2. Inventory 58
7.7. Depreciation 58
7.8. Gains and Losses 60
7.9. Non-Resident Companies 60
7.9.1. Representative Offices of Foreign Companies 60
7.9.2. Taxation of Ukrainian Source Income in the Absence of a Permanent Establishment 61
7.10. Establishment of Tax Exempt Companies on the Territory of Ukraine 61
7.11. Calculation and Payment of Tax 62
7.11.1. Ukrainian Enterprises 62
7.11.2. Non-Resident Companies 63
7.12. Personal Income Tax 63
7.12.1. Taxable Income 64
7.12.2. Other Income 66
7.12.3. Special Regime for Expatriates 69
7.13. Tax Rates 70
7.13.1. Permanent Income Tax Rates 70
7.13.2. Inherited Author's Income Tax Rates 71
7.13.3. Outside Income Tax Rates 71
7.13.4. Corporate Income Tax Rates 71
7.14. Withholding Taxes Imposed on Payments to Non-Resident Individuals 71
7.15. Assessment 72
7.16. Other Income and Property Taxes; Payroll Taxes; Social Insurance 72
7.16.1. Local Taxes 72
7.16.2. Payroll Taxes 72
7.16.3. Property Tax 73
7.17. Taxes on Transactions and Services 74
7.17.1. Value Added Tax 74
7.17.2. Excise Tax; Import-Export Duties 74
7.18. Transfer Taxes 75
7.18.1. Transfer of Immovable Property 75
7.18.2. Transfer of Securities 76
7.19. Tax Treaties 76
VIII. Foreign Investors and Ukrainian Securities 76
8.1. Buying Stock of Privatized Enterprises 77
8.2. Property Rights and Registration 78
8.3. Depositories 79
8.4. Settling Accounts 79
8.5. Commission 80
8.6. Tax On Securities Income for Foreigners 80
IX. Expected Improvements to Investment Climate. 82
X. Protecting Foreign investors' Rights Through Courts. 86
APPENDICES 89
Appendix 1. DECREE OF THE VERKHOVNA RADA OF UKRAINE(PARLIAMENT) on the implementation procedure of the Law of Ukraine "ON THE REGIME OF FOREIGN INVESTMENTS" 91
Appendix 2. LAW OF UKRAINE "ON THE FOREIGN INVESTMENTS" 93
Appendix 3. Cabinet of Ministers of Ukraine Resolution On Approval of Regulation on Procedures of State Registration of Foreign Investments 106
Appendix 4. LIST OF ENTERPRISES PROPERTY OF WHICH SHOULD BE PRIVATIZED WITH ATTRACTION OF FOREIGN INVESTMENT 115
Appendix 5. Law of Ukraine On Privatization of Property of State-Owned Enterprises 117
Appendix 6. Law of Ukraine On Privatization of Small State-Owned Enterprises(Small-Scale Privatization) 142
Appendix 7. LAW OF UKRAINE ON PRIVATIZATION PAPERS 163