The war started by the Russian Federation dealt and continues to deal a heavy blow to the Ukrainian economy and business. Ukrainian enterprises are gradually resuming their work, keeping the economic front. The results of monthly research by the European Business Association showed that 48% of companies are operating at full capacity and another 51% of companies are operating with certain restrictions.
The war continues, but the Ukrainian authorities support business and take certain steps in the direction of business recovery
Thus, on July 19, 2022, the Verkhovna Rada, in its draft law No. 7378, approved exemption from liability for violation of deadlines for submitting financial statements during the period of martial law. The document was supported by 306 people's deputies. During the period of martial law or a state of war, as well as within three months after its termination or cancellation, persons who are required to submit financial statements in a timely manner are released from responsibility for violating the terms of their submission.
In addition, the Verkhovna Rada in the second reading adopted draft law No. 6244, which provides for the improvement of the legal principles of accounting and financial reporting in accordance with the provisions of national and European legislation, the exemption of small and medium-sized groups of enterprises from the mandatory preparation and submission of consolidated financial statements.
These are not the only innovations in Ukrainian legislation aimed at supporting the economy and domestic producers. Dynasty Law & Investment lawyers will help you to provide more detailed and qualified advice.
Alina Shulika, attorney at Dynasty Law & Investment