Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LETTER OF THE MAIN STATE TAX AUTHORITIES OF UKRAINE

of July 10, 1996 No. 14

About payment procedure of dividends (part of profit) the companies in which authorized capital there is share of state-owned property

The payment procedure of dividends (part of profit) the companies in which authorized capital there is share of state-owned property was regulated in 1995 by the Decree of the Cabinet of Ministers of Ukraine of April 30, 1993 N 44-93 "About payment of dividends (part of profit) by the subjects of business activity created with the assistance of the state companies and the organizations" and the Presidential decree of Ukraine of December 28, 1994 N 812/94 "About some measures for support of the companies, organizations, organizations in the conditions of liberalization of the prices".

According to article 1 of the Decree of the Cabinet of Ministers of Ukraine of April 30, 1993 N 44-93 "About payment of dividends (part of profit) by the subjects of business activity created with the assistance of the state companies and the organizations" the companies of any organizational forms and types (except the companies with foreign investments) and banks in which authorized capital there is share of state-owned property shall from the amount of profit which remained after tax payment and other payments in the budget, to determine the size of the dividends or other receipts from profit on share of state-owned property contributed to their authorized funds by founders and to transfer appropriate means into the Government budget of Ukraine, the budget of the Autonomous Republic of Crimea, budgets of local self-government, other local budgets depending on type (form) of state-owned property on the specified property.

By Article 4 of the Presidential decree of Ukraine of December 28, 1994 N 812/94 "About some measures for support of the companies, organizations, organizations in the conditions of liberalization of the prices" it is determined that dividends or other receipts from profit for share of the state-owned property contributed to authorized funds of subjects of business activity are listed to the state companies which share of property is contributed to authorized funds, and are used by these companies on technical re-equipment, production development, development of new technologies and replenishment of current assets.

As witnesses from explanation of legal management of Administration of the President of Ukraine of 26.01.96 N 6-6-139/26101, procedure for transfer of dividends or other receipts from profit on share of state-owned property determined by the above-stated Decree concerns only the state companies. This procedure does not extend to joint-stock companies which are transformed in the course of privatization from the state companies and have share of state-owned property in authorized fund because under the charter they are not the state companies.

According to Item 9 of "Procedure for transformation in the course of privatization of the state companies in open joint stock companies", the Cabinet of Ministers of Ukraine approved by the resolution of December 7, 1992 N 686, before sale 60 percent of shares of open joint stock company implementation of powers the board of this society is assigned to the officials of the company determined by state body of privatization which will be transformed to society according to this Procedure.

Besides, according to article 30 of the Law of Ukraine of September 19, 1991 "About economic societies" if before the termination of the term of stock subscription specified in the message it was not succeeded to cover with subscription 60 percent of shares, the joint-stock company is considered not based. To persons who were signed the sums granted by them or other property not later, than in 30 days return to shares.

Thus, before sale 60 percent of shares by the state company which will be transformed to open joint stock company the last are considered not based, the constituent assembly unauthorized, the decision on profit distribution is not made.

Full text available with active License only!

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 38000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.