RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of December 5, 2007 No. 1392

About approval of the Procedure for determination of term and conditions of completion of import transaction without commodity importation on the territory of Ukraine

According to article 2 of the Law of Ukraine "About procedure of payments in foreign currency" the Cabinet of Ministers of Ukraine decides:

1. Approve the Procedure for determination of term and conditions of completion of import transaction without commodity importation on the territory of Ukraine which is applied.

2. This resolution becomes effective since January 1, 2008.

Approved by the resolution of the Cabinet of Ministers of Ukraine of December 5, 2007, No. 1392

Procedure for determination of term and conditions of completion of import transaction without commodity importation on the territory of Ukraine

1. Action of this Procedure extends to all subjects of housekeeping - residents irrespective of pattern of ownership.

2. The date of completion of import transaction without commodity importation on the territory of Ukraine under the external economic agreements (contracts) cannot exceed 180 calendar days from the moment of implementation by the resident of advance payment or drawing of the bill of exchange for the benefit of the nonresident, and in case of carrying out calculations in the form of the documentary credit - from the moment of implementation of payment by authorized bank for the benefit of the nonresident.

3. Import transaction of resident without commodity importation on the territory of Ukraine is considered complete in the presence of one of such conditions:

transfer of revenue received from the nonresident into the account of resident in authorized bank in case of sale to the nonresident of goods outside Ukraine;

submission of documents which confirm use by the resident of goods outside Ukraine which list is determined by National Bank.

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