Ukraine to change rules for export of agricultural products

MOSCOW. Oct 30 (Interfax) - The Ukrainian government has decided to change the rules/procedures for the export of agrarian products, the relevant government resolution is planned to be published already this Monday, Ukrainian media reported citing the press service for the Ukrainian Grain Association (UZA).

"At a meeting of the coordination council at the Ministry of Agrarian Policy and Food it was decided to elaborate within 10 days the details of the updated export procedure, which will provide for combating the shadow market and non-return of forex proceeds to the country," the UZA said.

According to the innovations, which the government plans to introduce, the companies, which are engaged in the export of agricultural products, will need to register in the State Agrarian Register (SAR). The SAR verification will be performed with a taxpayer certificate dated as of February 23, 2022 and as of now. The companies also need to have no overdue refund of forex proceeds. Otherwise, the exporter will have to obtain a license to export agricultural products.

Another innovation will be a change in the procedure of VAT refund to exporters, which will take place only after the return of forex proceeds by the exporter. The period of return of proceeds has been cut from 180 to 90 days. Additionally, the National Bank of Ukraine will ban accounts from being closed in order to remove currency control.