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Lawyers are divided as to whether owners of 95% of JSC’s shares may force minority shareholders to sell their stakes

Kyiv. September 30, 2010

The draft Tax Code of Ukraine contemplates that an income gained by an individual from a deposit placed with a bank in 2010 be subject to a 5% tax, starting from 2011 and till the expiration of a contract.
This opinion was expressed to Interfax-Ukraine by Associate of Volkov Koziakov and Partners Ruslan Malinovskyi, commenting on the provisions of the draft Tax Code developed by the government and registered with the Parliament.
"The absence in the draft Tax Code of the provisions stipulating its application to legal relations occurred before its adoption and persisted could likely lead to various conflicts with tax authorities", believes Mr. Malinovskyi.
He explained that the draft Tax Code provisions involving taxation of individuals’ incomes arising out from deposits placed with commercial and state banks determine the application of established rates and taxation procedure for such incomes solely in compliance with the code.
According to the Associate, exclusively the provisions of the Code and general rules envisaging that the legislation has no ex post facto within the time, except for cases prescribed by the law, must be applied to the deposit contracts executed in 2010 and remained effective after the Tax Code's coming into force.
Moreover, Mr. Malinovskyi pointed out that while defining an amount of income derived by an individual from a deposit one must count for a minimum wage established for that period of time when an income will be paid to an individual.
Reportedly, before the draft Tax Code adoption the government of Ukraine voiced an idea to impose tax on incomes arising from every deposit exceeding the amount of UAH 200 000, which was supposed to insert into the said draft Code.
The draft Tax Code registered in the Parliament stipulates a 5% taxation of the income arising from deposits, which as twice as larger than minimum wage set as at January 1 of the reporting year. Securities income is taxable at the same rate.
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