The government has adopted a decision to change the rules for the export of agricultural products to combat the shadow market and ensure the return of foreign currency revenue to the country.
The Ukrainian Grain Association reports that the relevant government resolution is planned to be published on October 30.
"According to the Association, within 10 days, the details of the updated export procedure will be worked out, aiming to combat the shadow market and ensure the return of foreign currency revenue to the country," statement reads.
Under the new regulations, companies engaged in the export of agricultural products will need to be registered in the State Agrarian Register (DAR). Verification in DAR will be based on the presence of a taxpayer certificate as of February 23, 2022, and at present.
Additionally, companies must not have overdue returns of foreign currency revenue. Otherwise, exporters will need to obtain a license for the export of agricultural products.
Furthermore, there will be a change in the procedure for VAT reimbursement to exporters, which will occur only after the return of foreign currency revenue. The timeframe for returning revenue has been reduced from 180 to 90 days. In addition, the National Bank will prohibit the closure of accounts before the removal of foreign exchange controls.
