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Ukraine to launch Diya City for IT business upgrowth

Source : 112 Ukraine

262 MPs voted for the respective bill
15:45, 15 July 2021

UNN

The Verkhovna Rada adopted in the second reading the bill #4303 on stimulating the development of the digital economy in Ukraine. 262 MPs voted for.

The online broadcast of the plenary session can be watched HERE.

The document proposes to create Diya City, an environment that will stimulate the development of advanced technology with high added value and the formation of a knowledge economy.

The main goal of the bill is to form an advanced digital economy in Ukraine in the coming years and increase the share of high-tech products and services in total GDP to 10%.

Related: Ukraine adopts law on corporate governance

The bill provides for the introduction of a number of measures to stimulate the development of the digital economy, including:

  • special tax regime for Diya City residents in accordance with tax legislation;
  • special tax regime of remuneration paid by residents to those whose work they use, in accordance with tax legislation;
  • possibility of choosing a contractual form of employment document between Diya City residents and their employees;
  • regulation of non-disclosure agreements, which provides a balance of interests of talented professionals and residents who invest in the accumulation of knowledge and experience;
  • elements of the English law that provide flexible tools for attracting funding from Diya City residents;
  • necessity for prior coordination of criminal proceedings against residents with the prosecutor not lower than the regional level;
  • opportunity to delegate the functions of the company's director to another legal entity, which will allow foreign investors to hire professional management companies and impose increased responsibility on them.

Related: Ukraine to reduce taxes for gambling business

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