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Ukrainian legislative developments on Crimea

On 14 August 2014, the Verkhovna Rada of Ukraine adopted the Law ‘On Tax and Customs Control in the Free Economic Zone of Crimea and on Peculiarities of Conducting Business on the Temporarily Occupied Territory of Ukraine’, which stipulates the creation of a free economic zone (FEZ) in Crimea for 10 full calendar years; sets forth the peculiarities of its legal status; and introduces a special procedure for applying the norms of regulatory, tax, customs and currency legislation of Ukraine on the territory of Crimea.

The law stipulates that the state guarantees do not extend to internal and external local loans of the Autonomous Republic of Crimea and the city of Sevastopol as well as for the entities located (residing permanently or temporarily) there. The procedure for repaying (writing off, selling) the outstanding debts (previously guaranteed by the state) of the Autonomous Republic of Crimea and the city of Sevastopol and individuals located on the territory of Crimea in the part that remains unrepaid as at this law’s effective date will be introduced by the Cabinet of Ministers of Ukraine.

Licences and other authorisation documents issued by competent authorities of Ukraine before this law entered into force remain effective on the territory of Crimea until expired…

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