The final date for submission of Form 4 has been extended for 4 months, while a number of those obliged to submit it have decreased by 700 thousand people, said First Deputy Minister of Justice of Ukraine Natalia Sevostianova at a briefing at the Government House on May 22, the press-office of the CMU reports.

Natalia Sevostianova underscored that on October 14 last year, on request of the EC, the Verkhovna Rada of Ukraine passed the law that changed the definition of ultimate beneficiary if the beneficiary is a legal person or public figure.

The law came into force on October 25, 2014, respectively, Form 4 indicating ultimate beneficiaries of a particular legal entity is to be filed until May 25, so that to enter relevant changes in the state register. Changes to the legislation were enacted in May and concept of "ultimate beneficiary" was replaced with the "ultimate beneficial owner-controller". Accordingly, the sample form was altered.

“But if you have filed the previous form prior to May, it won’t be regarded to be updated”, assured Natalia Sevostianova.

Yesterday, the Verkhovna Rada of Ukraine passed draft bill No.2896. The document says that the deadline for filing Form 4 has been extended for 4 months, and a number of persons in charge of filling out the report have been reduced. However, it is not demanded to file the form if the name of the ultimate beneficiary is revealed and entered into the registry.

“This draft law envisages the exemption from the obligation to file Form 4 containing the information about the ultimate beneficial owners of religious organizations, state-run or municipal enterprises and entities, if their members are solely individuals, and if the ultimate beneficial owners are physical persons”,- added Natalia Sevostianova.

To recap: for now, 1.7 million companies have been released from obligation to file Form 4.