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Insights December 2021

Taxation of e-services provided by non-Ukrainian residents

Ukraine has introduced special VAT taxation rules for electronic services. Starting from 1 January 2022, non-Ukrainian residents providing e-services to individuals in Ukraine will have to register as VAT payers in Ukraine and charge 20% VAT on their local supplies of e-services. Please refer to the infographics below with the legislative novelties based on the provisions of the new law and new rules to come in place.   Download infographics in English: Download infographics in Ukrainian: For more information, please contact: Illya Sverdlov, Partner and Head of Tax

Deals December 2021

Kinstellar advises Portiva investment group on the acquisition of Astrid Offices building in Holešovice, Prague

Kinstellar has successfully advised Portiva investment group on its acquisition of Astrid Offices building in Holešovice, Prague, from UBM group. The building was completed in May 2021 and received LEED Gold certification. The property, with 4,300 m2 of office space and 440 m2 of retail space on the ground floor, is now fully let. Tenants include Budějovický Budvar, Algon, EAG and SKF. Since December, the building has also become the headquarters of UBM group, which moved here from its offices in Libeň. Portiva is a Czech investment group focusing on energy, real estate, automotive software services, and investment fund management. The Kinstellar team was led by Jan Juroška, working with Martina

News December 2021

Kinstellar appoints new Heads of Data & Cybersecurity, IP&T and Telecoms service lines

Kinstellar is delighted to announce the new Service Heads leading our TMT-related service lines: Lukáš Mrázik, Dániel Endre Nagy and Peter Kováč for Data & Cybersecurity; Natalia Kirichenko for IP&T; Anastasiya Bolkhovitinova and Radoslav Chemshirov for Telecommunications. In their new roles as Service Heads they will work with the firm-wide TMT sector team and other sectors to expand and bring a new dimension to our current capabilities across these areas. They will be the first points of contact for incoming client requests and will engage the right lawyers from our team best suited to work on transactions for our clients. Viliam Myšička, head of Kinstellar’s

Insights December 2021

Ukraine: Tax law required for Diia City regime to go live has been adopted

Ukraine is strengthening its position as an IT hub of choice by adopting new legislation aimed at creating favourable tax and legal conditions for tech companies operating in the country and fostering further investment in the sector.  On 14 December 2021, the Ukrainian parliament adopted draft law No. 5376 “On amendments to the Tax Code of Ukraine regarding the Stimulation of the Development of the Digital Economy in Ukraine”, which sets out the tax treatment under the Diia City regime. Together with the previously adopted draft law No. 4303 “On the Stimulation of the Development of the Digital Economy in Ukraine”, this marks the launch in Ukraine of the special legal regime called “Diia City”.

Insights December 2021

Problems of construction licensing in Ukraine within the framework of recent reforms

The December issue of the Ukrainian legal affairs magazine "Yuryst & Zakon" ("Юрист і Закон") features the article by Diana Malysh, a Kinstellar Associate in Kyiv, on the problematic consequences of the liquidation of the construction licensing in March 2020 within the construction reform in Ukraine. The article was published in issue № 48 of "Yuryst & Zakon" (2 December 2021) and is available in the Ukrainian language only. Please, click here to read the whole article.  For more information, please contact Diana Malysh, Associate, at 

Deals December 2021

Kinstellar advises (VC) Eleven Ventures on its USD 2 million investment in Romanian startup Frisbo

Kinstellar and Dewi Advisory have successfully advised the leading VC Eleven Ventures (joined by GapMinder, Roca X and Neogen Capital) on a USD 2 million investment in Frisbo, a Romanian-based e-commerce startup. Eleven Ventures is one of the largest venture capital funds in Southeast Europe, investing in startups since 2012. With 150 collective investments in the last nine years, the company has played a key role in developing the regional startup ecosystem. Eleven Ventures was joined by GapMinder, Roca X and Neogen Capital, all previous investors in Frisbo. Founded in 2014, Frisbo matches retailers (more than 200 online stores) with a network of operators & smart logistics. It has a rich network of warehouses

Deals December 2021

Kinstellar advises the Black Sea Trade and Development Bank on a guarantee programme supporting SMEs in Bulgaria  

Kinstellar has advised the Black Sea Trade and Development Bank (BSTDB) on its “Framework Agreement for Pandemic Crisis Response Programme” that will be implemented together with the National Guarantee Fund (NGF). Тhe risk-sharing portfolio guarantee programme is expected to promote up to EUR 75 million of new financing and help about 250 local SMEs to offset the negative impact of COVID-19 in Bulgaria. The programme will offer guarantees to Bulgarian commercial banks, facilitating access to finance and improving financing conditions for final borrowers.  Kinstellar assisted the BSTDB with both the English law and Bulgarian law aspects of the programme, including the drafting and negotiation of the Guarantee

Insights December 2021

Czech Republic: Czech Government extends “Antivirus” programme offering employer financial aid

The Government of the Czech Republic has extended its “Antivirus” programme, offering employment protections for businesses affected by the ongoing Covid-19 pandemic. Antivirus provides a partial reimbursement of employee remuneration costs incurred as result of an inability to allocate work due to certain so-called barriers on the part of the employer or the employee. On 29 November 2021, the Czech government extended both Antivirus programme regimes (A and B) until 28 February 2022. Regime A had previously been set to expire by the end of 2021, while Regime B expired on 31 May 2021. Regime A assists employers whose employees have been ordered into quarantine or isolation due to a positive Covid-19 status.

Insights December 2021

Czech Republic: UBO follow-up obligations

The obligations of a statutory body arising from Act No. 37/2021 Coll., on the registration of ultimate beneficial owners (the “UBO Act”), are not fulfilled by merely registering the ultimate beneficial owners in the relevant register. The UBO Act also stipulates a number of follow-up obligations for a statutory body with respect to UBO registration. These must be fulfilled in order to ensure full compliance with the duty of due managerial care of a statutory body. It is the duty of a statutory body, as far as possible, to keep UBO registration up to date with the correct registration information, and to update this registration if it becomes aware of any changes. The UBO Act does not specify the required manner

Insights December 2021

New law on payment services will change the rules of the game for payment services in Ukraine

At the end of June 2021, the Ukrainian parliament adopted the Law of Ukraine "On Payment Services" (the "Law"), which aims to modernise the payment infrastructure in Ukraine, make the payment services market more transparent and open to new players, expand the range of payment solutions, and improve the quality of payment services. With the exception of certain provisions, the Law enters into force on 1 August 2022. The Law primarily establishes the basic requirements for the operations of payment service providers in Ukraine and determines the general parameters for the provision of the relevant services, while leaving a wide range of issues to the discretion of and further regulation by the state regulator, i.e., the

News December 2021

Business Decarbonisation Dialogue

The British Embassy Kyiv, the Office of National Investment Council, and Kinstellar are announcing an open dialogue to discuss rapid and early reductions in emissions. Business Decarbonisation Dialogue - hybrid event Date: 15 December 2021Time: 2 pm - 6 pm EET (registration starts at 1.30 pm EET)Where: Unit.City and online Participants will learn more and talk about balanced and sustainable development, best practices to accelerate the transition to zero carbon, and develop replicable net zero approaches in business and beyond. Olena Kuchynska, Co-Managing Partner in Kyiv, will moderate a panel session on energy. It will be a hybrid event (at Unit.City and online), followed by networking opportunities.

News December 2021

Renowned Capital Markets expert Müfit Arapoglu joins Gen Temizer Özer, Kinstellar’s office in Istanbul, as Partner

Kinstellar is pleased to announce that Müfit Arapoğlu has joined the Istanbul office as a Partner and Head of the local Capital Markets practice. Müfit Arapoğlu is a widely recognised capital markets and corporate lawyer in Turkey. He advises issuers and underwriters and both local and international companies in equity and debt capital market transactions, including equity public offerings, debt instruments offerings, private placements and sales to qualified investors, voluntary mandatory tender offers, sukuk issuances and structured debt issuances. In addition, Müfit has represented a large number of Turkish and international clients in various M&A transactions, particularly on the sale and purchase