The Committee on European Integration considered a number of bills for their conformance to the legislation of the European Union
15 November 2012, 16:11
Particularly, the Committee declared the bill to amend several legislative acts of Ukraine (re the status of affiliated persons) (Reg. No. 10444) as non-contradicting to the law of the European Union. The bill suggests determining the only notion of the “affiliated person” in the Ukrainian legislation to adjust the provisions of multisectoral acts regulating their status in economic relations, as well as inclusion of different types of economic entities and natural persons able to influence (control) economic entities into the notion of affiliated person.
The Committee noted that by the subject of legal regulation the bill pertains to the sphere of legislation of companies, legal relations of which are regulated by the Directives of the European Parliament and the Council 2004/25/EC on takeover bids and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC; Regulation (EC) No 1606/2002/EC of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards; and the International Accounting Standard 24 "Disclosure of related parties" of 20.07.2012.
The Committee members concluded that the bill does not contradict the law of the European Union.
Particularly, attention was drawn to the fact that the law of the European Union lacks general definition for the term “affiliated person”.
The Committee also declared the bill to amend article 229 of the Tax Code of Ukraine re ethyl alcohol denatured (technical alcohol) used as raw material for the production of organic synthesis products (Reg. No. 11359) as non-contradicting to the law of the European Union. The bill suggests supplementing article 229 of the Tax Code of Ukraine with a provision regarding the fact that if ethyl alcohol denatured (technical alcohol) used as raw material for the production of organic synthesis products not containing more than 0.1 percent of residual ethanol in their composition a tax rate is applied amounting to UAH 0 for 1 litre of 100 percent alcohol.
The Committee noted that by the subject of legal regulation the bill pertains to the sphere of taxes, including indirect, legal relations of which in ht European Union are governed by Council Directives 92/83/EEC on the harmonization of the structures of excise duties on alcohol and alcoholic beverages and 92/84/EEC on the approximation of the rates of excise duty on alcohol and alcoholic beverages.
The Committee members concluded that the bill does not contradict the law of the European Union.