Obtaining a conclusion on the extension of the deadlines for settlements under export and import transactions

In 2018-2019, a number of changes were made to the currency legislation of Ukraine. In particular, the previously established Decree on the System of Currency Regulation and Control, the Law on the Procedure for Making Payments in Foreign Currency, and other documents became invalid. They were replaced by the Law on Currency and Currency Transactions (the "Law"), as well as some other new regulations.

Starting from February 2019, the deadlines for settlements under foreign trade transactions were extended from 180 to 365 days (the National Bank may set other deadlines). However, it is still possible to extend them. To do this, you need to submit an application to the Sanctions Policy Department of the Ministry of Economy. However, in some cases, the Ministry may refuse to issue a conclusion.

To get a positive result, we recommend contacting RegService. Our specialists will help you to properly prepare and submit all the necessary documents, check the presence or absence of grounds for refusal by the state authority.

Legislative regulation of currency transactions

In accordance with the Law, the State Fiscal Service is responsible for monitoring compliance with currency legislation. Sanctions for exceeding the deadlines for settlements in export and import transactions remained unchanged. The penalty for failure to deliver goods or fulfill monetary obligations is 0.3% for each day of delay. However, the total amount of the penalty cannot exceed the amount of the debt in total.

In accordance with the Procedure for Issuing an Opinion on Extension of Payment Deadlines, approved by Resolution of the Cabinet of Ministers of Ukraine No. 101 dated February 13, 2019, the opinion is issued for transactions relating to, inter alia

• supplies of raw materials, materials, parts, semi-finished products
• tender supplies;
• production and supply of construction materials and equipment;
• warranty service.

The Ministry of Economy makes a decision on issuing a conclusion or refusal within 10 business days.

What documents should a resident prepare

• An application in the prescribed form.
• A copy of the foreign economic contract (+ translation into Ukrainian if the document is in a foreign language).
• Copies of documents confirming the export-import transaction (payment receipts, acts of acceptance and transfer of goods, customs declarations, etc.)
• Documents confirming the need to continue payments.

The application can be submitted electronically through the state portal of administrative services, or in paper form with submission in person or by mail. If a representative acts on behalf of a business entity, a notarized power of attorney will be required. No state fee is charged for obtaining the conclusion.

What is included in the services

• Legal advice.
• Preparation of an application, collection of a package of documents.
• Organization of translation and notarization of documents.
• Appealing the decision of the Ministry (if there are grounds and necessity).

To clarify the details of cooperation, please contact the manager of RegService Law Firm by phone or send an application through the online form.

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