The Verkhovna Rada of Ukraine adopted a draft law that introduces a mechanism to combat the non-return of foreign exchange earnings from the export of agricultural products.

The document stipulates that the condition for the export of goods subject to the export security regime is the presence of a positive history of returning foreign exchange earnings based on the results of the previous 6 months.

In the absence of a positive history or in the case of a significant increase in export operations, the condition for exporting goods is the registration of a tax invoice in the Unified Register of Tax Invoices at the rate determined for operations for the supply of such goods in the customs territory of Ukraine. In such a case, the exporter will receive the right to budgetary compensation only if currency supervision is completed and the settlement deadlines for the relevant transaction are met. Such supervision should be done by the Ukrainian bank serving the exporter.

The CMU has the right to introduce the regime of export support for the period of martial law, state of emergency in relation to operations on the export of goods included in commodity items: 1001 (wheat), 1003 (barley), 1005 (corn), 1201 (soy), 1205 (rape), 1206 (sunflower seeds), 1512 (oil) and 2306 (sunflower cake and meal).

Reference source: http://bit.ly/3CJH55V