About past, present and future of Ukraine

Main Business — The government has changed the rules for the export of agricultural products

Business

The government has changed the rules for the export of agricultural products

28 Oct, 2023
257
The government has changed the rules for the export of agricultural products

Share this article

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.

The Odessa Journal

The Odessa Journal

more articles

Top article

The Ministry of Defense has signed a contract for the construction of a service center for repairing drones in Ukraine
War

The Ministry of Defense has signed a contract ...

Dmytro Kuleba: Ukraine and Croatia have agreed to use Croatian ports for exporting Ukrainian grain
Business

Dmytro Kuleba: Ukraine and Croatia have agree ...

New sanctions: Defence industry, political parties and individuals linked to oligarchs
Business

New sanctions: Defence industry, political pa ...

Volodymyr Zelensky: We are preparing for the next Ramstein meeting, we expect solidly grounded decisions to meet the prospects on the battlefield
War

Volodymyr Zelensky: We are preparing for the ...