Draft Law of Ukraine

“On Amendment of Some Legislative Acts Due to Enactment of the Law of Ukraine
“On Circulation of Bills of Exchange in Ukraine”

This draft foresees amendment of the Administrative Offence Code of Ukraine, Budget Code of Ukraine, Laws of Ukraine “On Business Associations”, “On Notariat”, “On Excise Duty on Alcohol Drinks and Tobacco Products” due to the Law of Ukraine “On Circulation of Bills of Exchange in Ukraine” that was adopted on April 5, 2001.

Amendments to the Administrative Offence Code of Ukraine are aimed at establishing administrative responsibility. In particular, issuance of bills of exchange in cases when there is no proof evidencing fulfilled delivery of goods, executed works, rendered services will be punished by a penalty in the amount of 50 to 100 tax-free citizens’ incomes.

It is proposed that bills of exchange shall not be allowed to make settlements with state and local budgets, as well as to form authorized funds of business associations.

The amendment suggested with regard to the Law of Ukraine “On Excise Duty on Alcohol Drinks and Tobacco Products” will change the procedure of paying excise duty on products manufactured from the non-denatured ethyl alcohol. There shall be excluded the possibility to issue tax bill for the amount of excise duty at acquisition of ethyl alcohol. However, there remains the possibility to issue a bank guarantee instead of a tax bill.