Legislative adjusting defence of foreign investments in Ukraine
Abstract
Problem setting. As of today Ukraine has structured national legislation along with international agreements regulating foreign investments. Article’s main body. The law of Ukraine on «Investment activities» was adopted in 1991. It determines general legal conditions of investment activities at the territory of Ukraine. Later on a special law of Ukraine on «Foreign investments regime» was adopted in 1996. A new milestone in development of national legislation was adoption of the Constitution of Ukraine in 1996, according to which the priority of rules of international agreements over provisions of law are recognized in case of contradictions between them. The system of foreign capital income to Ukraine was simplified in 2010 by means of cancelling the necessity to register foreign investments and registration of investments on two different procedures. The law of Ukraine on «State-private partnership» dated July 01, 2010, ref. No.: 2404 – VI aiming to improve investment climate was adopted as well. Besides, on December 02, 2010 the Tax Code containing a range of innovations directed to stimulate investment activities was adopted. However, it is necessary to remember that some important issues on attracting investments are regulated by not only the above mentioned basic legislation but customs and other special legislation of Ukraine. In addition in spite of the declared principles and norms in the basic laws and international agreements, aiming to provide secure legal protection of foreign investments, the tax and customs legislation of Ukraine is not directed in any way to protect the rights of investors and it considerably differs Ukrainian legislation from the legislation of European countries, where the main aim is to minimize tax and customs pressure on the investor. Conclusions and prospects for the development. The article considers legislative regulation on protection of foreign investments in Ukraine. A general characteristics of Ukrainian and international legislation regarding protection of foreign investments is described.
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