Draft Law of Ukraine

“On Financial Control”

This draft determines concepts, general legal and organizational principles for exercising financial control.

Financial control is aimed at ensuring legality, efficiency and thrift during the course of formation, possession, use and alienation of property independently its forms, as well as comprehensiveness and timeliness of the financial control execution.

State regulation in the field of financial control shall be carried out to secure effective work of the subjects of financial control, eliminate parallelism and doubling in the activities by way of separating their functions, introducing uniform norms and standards of financial control.

This draft defines subjects of finance control, its objects, types, manners and methodological techniques.

Legal entities, independently their organizational and legal forms and forms of property, natural persons, including foreigners, being subjects of entrepreneurial activity, as well as permanent representation of non-residents will be subjects of financial control.

Subjects of financial control will be divided into the following three categories: subjects of state financial control, subjects of communal financial control, owners (administration bodies) of business entities.

The main emphasis is laid on the regulation of the activities of the bodies of state finance control, which, in particular, include Counting Chamber, National Bank of Ukraine, Ministry of Finance, State Tax Administration, State Customs Service, State Treasury.