LETTER OF STATE TAX ADMINISTRATION OF UKRAINE

of June 13, 1996 No. 22-113/11-3767

About payment deferral of the bill of exchange

According to the Law of Ukraine of September 15, 1995 N 327/95-BP "About transactions with raw materials supplied by the customer in the external economic relations" and Regulations on the Procedure for issue, accounting, repayment and payment deferrals (repayment) of the bill of exchange (commitment letter) which is issued by the subject of business activity when implementing transactions with the raw materials supplied by the customer in the external economic relations registered in the Ministry of Justice of Ukraine on February 16, 1996 N 78/1103, the state tax authorities is authorized body of the Ministry of Finance of Ukraine which can grant permission to the subject to business activity for payment deferral of the bill of exchange in accordance with the terms of the tax credit. For the period payment deferrals of the bill of exchange the payment for use of the credit in the amount of 0,5 of discount rate of the National Bank of Ukraine which is effective on the date of decision making about payment deferral is collected from the drawer.

Copies of the bill of exchange and the copy of the import cargo customs declaration which are provided by the Ukrainian contractor of body of customs control are the basis for customs clearance of finished goods which are made of the raw materials supplied by the customer imported on customs area of Ukraine and which are exported from this territory.

Thus, provision of permission to payment deferral of the bill of exchange what is provided in accordance with the terms of the tax credit is only within the competence of the state tax authorities.

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