On 27 January 2011 the President signed the Law on Amending the Law of Ukraine on Compulsory Pension Insurance No. 2921-VI (hereinafter – the Law No. 2921-VI). This Law abolishes charge for compulsory state pension insurance from operations on purchase of non-cash foreign currency for Ukrainian hryvnas.
The EBA has always underlined the necessity to abolish the charge for compulsory state insurance imposed on both legal entities and individuals for non-cash purchase of foreign currency for Ukrainian hryvnas. In February 2010 the EBA sent a letter to the Cabinet of Ministers of Ukraine underlining that the high amount of this charge was an actual problem as well as an additional financial burden for both private and state-owned (state co-owned) companies conducting settlements in foreign currencies. The Law No. 2921-VI solves the problem by means of excluding the legal entities and individuals from the list of payers of the charge for compulsory state pension insurance for operations on purchase of non-cash foreign currency for Ukrainian hryvnas.
Adoption of the Law No. 2921-VI is a step forward towards fulfilment of the Ukraine’s obligations envisaged in the Memorandum on Economic and Financial Policy between Ukraine and the International Monetary Fund. According to this document currency exchange restrictions for payments, in particular, the compulsory pension insurance charge in course of operations on purchase of non-cash foreign currency for Ukrainian hryvnas must be abolished.
The Law No. 2921-VI becomes forceful as of the date of its official publication, which is 28 January 2011.