The National Bank has simplified currency restrictions for the import of goods and increased the deadline for settlements on export-import operations.
The NBU has said this in a statement, Ukrainian News Agency reports.
The NBU draws attention to the fact that restrictions on the purchase of foreign currency and cross-border transfers for the import of services will be maintained.
Enterprises will be able to import only those services, works, intellectual property rights and other non-property rights included in the list approved by the resolution of the Cabinet of Ministers of July 7, 2022, No. 761.
An important prerequisite for simplifying currency restrictions on imports of products was the entry into force from July 1, 2022 of the law "On Amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on the revision of certain tax benefits," which resumes duties and taxes on imports of goods and services.
As of early July, the list of critical imports contained about 90% of goods imported before the war.
Given this, according to the National Bank, the corresponding relaxation will not lead to significant additional pressure on the foreign exchange market.
This will improve the conditions for doing business in Ukraine, since business will be able to buy all the products necessary for the production process.
The slowdown in the growth rate of imports in the future through the return of duties and taxes on imports and the further resumption of production in Ukraine will help reduce the difference between demand and supply in the foreign exchange market.
In addition, taking into account the appeal of business and the Ministry of Economy, the National Bank from July 9 expands the timing of settlements on export-import operations from 120 to 180 days.
The corresponding decision is designed to support Ukrainian enterprises by increasing their capabilities in the context of logistical problems in the export and import of products that arose due to the war.
The new requirements will apply to residents' export and import operations carried out from April 5, 2022.
For transactions posted to the relevant date, the settlement deadlines are still 365 days.
In order to reduce pressure on the foreign exchange market, the National Bank reduces from 10 to 2 working days the period for using the currency purchased for settlements by residents from July 11, 2022.
The corresponding restriction does not apply, in particular, to the purchase of currency:
- for residents to carry out mobilization and other events defined by the laws of Ukraine regulating relations in the field of ensuring national security and defense;
- state bodies authorized under Ukrainian law to carry out operational-search, counterintelligence, intelligence activities or pre-trial investigations;
- the State Treasury Service of Ukraine;
- on the basis of separate decisions of the National Bank, taken from the appeals of the Cabinet of Ministers of Ukraine, ministries, the National Security and Defense Council of Ukraine, the Security Service of Ukraine.
In addition, the National Bank has simplified a number of currency restrictions for the activities of diplomatic missions and consular offices of foreign states in Ukraine, as well as state bodies authorized under Ukrainian law to carry out operational-search, counterintelligence, intelligence activities or pre-trial investigations.
As Ukrainian News Agency earlier reported, the Cabinet of Ministers canceled the list of critical imports.
On February 24, the Cabinet of Ministers approved a list of critical imports, including oil and oil products, medicines for retail, medical products, tires, human and animal blood, poultry, corn, mineral fertilizers, meat, sunflower seeds, tea and coffee, wheat flour, sugar, alcoholic and soft drinks, body armor, military and tactical uniforms, unmanned aerial vehicles, oxygen, cotton fabrics, glass cans and other goods.
Further, the government has repeatedly made changes to this list, adding and excluding various positions from it.
Earlier, the National Bank decided to maintain restrictions on the purchase of currency and cross-border transfers for the import of services, despite the adoption of law No. 7418 on the return of import taxation.
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