Ukraine abolished liability for late submission of financial statements

On July 19, the Verkhovna Rada adopted draft law No. 7378. it exempts from liability for violation of the deadlines for the publication of financial statements during the period of martial law or a state of war.

The new rules stipulate that the publication of the annual financial statements together with the relevant audit reports, the management report, and the report on payments to the state is postponed until martial law is lifted and within three months after its cancellation.Also, during martial law and three months after its completion, businesses are released from liability for violating the requirements for timely and complete disclosure of financial statements.Legal entities that are required by law to publish their financial statements must do so after the termination or lifting of martial law on their website. Details

In addition, the Verkhovna Rada adopted draft law No. 6244, which exempts small and medium-sized groups of enterprises from the mandatory preparation and submission of consolidated financial statements.

The authors of the bills say that innovations are necessary to reduce pressure on Business.

If the documents are signed by the president, they will come into force on the day following the day of publication.

On July 18, deputies voted for the draft law on freelancing. From now on, a new form of Labor Relations has been legalized, which has a number of characteristics and restrictions. What exactly the law provides for, DOU explained here.