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Currency Regulation and Financial Services, Logistics, IT

18/ 07/ 2016

On July 12, 2016 the Verkhovna Rada of Ukraine adopted in first reading the draft law “On amendments to certain legislative acts of Ukraine (regarding the removal of administrative barriers to exports of services)” #4496 dd. 21.04.2016 year (hereinafter – the Draft Law).

The European Business Association (hereinafter – the EBA) in their appeals supported the Draft Law that foresees the creation of more favourable conditions for economic activity and upon its adoption will increase the investment attractiveness of Ukraine, by:

  • simplifying the procedures for concluding foreign trade agreements (contracts), as well as accounting and financial reporting;
  • abolition of exchange controls for transactions with export of work (services) and intellectual property rights;
  • conclusion of foreign trade agreements (contracts) not only in writing but also in electronic form as well as through the adoption of public solicitation (offer), electronic messaging or by account (invoice);
  • prohibiting banks to require translation of documents into the Ukrainian language, upon their completion in English or a foreign language while outlining Ukrainian (English);
  • recognition of account (invoice) by primary records that will be sufficient for confirmation of economic operations.

EBA member companies hope for adoption of the Draft Law in the second reading and as a whole in the nearest future, which will have a positive impact on the investment attractiveness of Ukraine and create a basis for increasing exports of services.

LEGAL BACKGROUND

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