Entry into Force of the Law of Ukraine “On the State Aid to the Business Entities of Ukraine” in Full
On June 1, 2014 Verkhovna Rada of Ukraine introduced the Law of Ukraine No 1555-VII “On the State Aid to the Business Entities of Ukraine” drafted by the Antimonopoly Committee of Ukraine taking into account the duties, provided by the Association Agreement between Ukraine and EU.
So, the Law enters into force in full on August 2, 2017.
The Antimonopoly Committee of Ukraine was established by the Authorized Body on the State aid issues in accordance to the Article 8 of the Law of Ukraine “On the State Aid to the Business Entities”.
The powers of the Antimonopoly Committee of Ukraine as the Authorized body on the State aid issues include:
- The regulatory support of the control and monitoring of the state aid;
- The receipt and consideration of notifications about the new state aid;
- The determination of the belonging to the state aid measures for the business entities support, evaluation of the allowance of the state aid for the competition;
- The data collection on the measures of support for the business entities;
- The provision of recommendations for amendments to the conditions of the state aid, as well as the specification of the issues on the state aid;
- The decision making about the temporary or the complete termination of the illegal state aid and its return.