Economic development of modern Ukraine has both negative and positive moments. The main problems are the reformation of industry and agriculture, ensuring stable growth of production, stopping the destruction of culture, science and education, creating a reliable system of social protection, integration into the European and world community.
Positive tendencies of the Ukrainian economy’s development are associated with a cessation of the fall of industrial production. Stabilization and growth are mainly due to the basic industries (metallurgy, energy).
However, there are still a lot of problems. To them analysts can relate:
- Corruption in power cabinets
- Lack of transparency in tax and customs institutions
- Harassment by tax and customs officials
- Dysfunctional judicial system, unable to solve business disputes fairly
- Unstable banking system
- Limited resources for export financing
- High rates of taxes and fees
- Non-transparent regulatory environment
- Inadequate protection of intellectual property rights
- A moratorium on the sale of agricultural land, which reduces rents and prevents investment
- Solving political problems through unresolved conflicts in the east and south of Ukraine
The Government of Ukraine has undertaken to reduce these problems.
Recently, both officials have moved forward with a public commitment to improve the tax authorities of Ukraine, recently introduced an automatic VAT refund register.
In connection with the foregoing, we consider that the issue of security and the selection of the right legal adviser in Ukraine is paramount when deciding on the scale of its business in Ukraine for foreign companies.