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Regulatory Affairs

04/ 11/ 2016

Due to the efforts of EBA Verkhovna Rada of Ukraine adopted the Draft Law “On amendments to certain legislative acts of Ukraine (regarding the removal of administrative barriers to exports of services)” No 4496 dd. 21 April 2016.

With the Draft Law business foresees the creation of more favorable conditions for economic activity.

EBA members have been supporting the following progressive provisions of the Draft Law N.4496 for a long time:

  • 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 works (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);
  • prohibition for 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 an invoice as a primary document that will be sufficient for confirmation of economic operation.

We would like to thank the Parliament for such an important step and help in solving numerous burning issues of EBA business-community!

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