TAXATION OF THE POLISH CO-OPERATIVE SAVINGS AND CREDIT ASSOCIATIONS AND UKRAINIAN CREDIT UNIONS – COMPARATIVE ANALYSIS (Opodatkowanie polskich kas spoldzielczych i ukraińskich spolek kredytowych - analiza porownawcza)
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Non-banking sector of financial services in Ukraine is not well developed, but has enormous potential. There are currently about 850 credit associations there. According to the 1st Article of Ukrainian Credit Associations Act, the term “Credit Association' means a non-profit organization founded by individuals on the cooperative basis, to meet the needs of its members in the mutual lending and providing financial services, through the consolidation of its members' cash contributions. The legislation provides a special procedure for registration and operating, accounting and taxes of these organizations. Taxes are one of the most problematic issues related to the activity of these financial institutions. Analysis of the Ukraine legislation concerning the taxation of non-bank financial services market enables to extract rules of law that require correction, supplement or harmonization with the rest of the legislation. Present taxation law was enacted in the past twelve years by various governments; Ukraine has not yet formed one Tax Code. The main objective of cooperation between Polish Credit Unions and Ukraine, pursued since 2004, is to help create a strong and sustainable system of credit cooperation in Ukraine, based on the experiences of Polish savings and loan associations. Ukraine needs strong and democratically managed credit associations, which will operate according to international standards in this sphere.
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