Draft Law No.7418 was signed by the President

30/ 06/ 2022

On June 30, the President of Ukraine signed draft law №7418 approved by the Verkhovna Rada. The document provides for the restoration of customs duties and VAT on imported goods. It will come into force on July 1. The European Business Association welcomes the signing of draft law №7418, as it is a de facto precondition for lifting currency restrictions and the list of critical imports. Businesses are waiting for the list and restrictions on foreign currency settlements to be lifted so that companies can continue to operate, generate revenue, and then pay taxes, salaries, and other liabilities. The National Bank of Ukraine agrees to ease currency restrictions, provided that it will be a source of revenue to finance the state budget – and such a source should be the return of import duties and VAT (abolition of temporary benefits). Responsible business does not object to the return of duties, because such a system existed before the full-scale war, that is, in fact, a return to normal economic reality. At the same time, business is categorically against the introduction of additional duties, as previously proposed by the NBU. Therefore, the EBA welcomes this step and looks forward to further easing currency restrictions and abolishing the list of critical imports.

The European Business Association welcomes the signing of draft law №7418, as it is a de facto precondition for lifting currency restrictions and the list of critical imports. Businesses are waiting for the list and restrictions on foreign currency settlements to be lifted so that companies can continue to operate, generate revenue, and then pay taxes, salaries, and other liabilities.

The National Bank of Ukraine agrees to ease currency restrictions, provided that it will be a source of revenue to finance the state budget – and such a source should be the return of import duties and VAT (abolition of temporary benefits). Responsible business does not object to the return of duties, because such a system existed before the full-scale war, that is, in fact, a return to normal economic reality. At the same time, business is categorically against the introduction of additional duties, as previously proposed by the NBU.

Therefore, the EBA welcomes this step and looks forward to further easing currency restrictions and abolishing the list of critical imports.