LAW OF UKRAINE

of September 23, 1994 No. 185/94-BP

About procedure of payments in foreign currency

Article 1. Revenue of residents in foreign currency from export of products is subject to transfer into their currency accounts in authorized banks in the payment due dates of debts specified in contracts, but no later than 180 calendar days from the date of customs clearance (the statement of the export cargo customs declaration) of products which are exported, and in case of export of works, transport services - from the moment of signing of the act or other document certifying performance of works, rendering transport services. Exceeding of the specified term requires the conclusion of the central executive body which realizes state policy in the field of economic development. Revenue of resident under export external economic agreements (contracts) is considered transferred into its bank account according to the statement of resident if the proper amount is settled by Export credit agency.

Requirements of part one of this Article do not extend to export of services (except transport and insurance), intellectual property rights, copyright and related rights.

Banks have the right to demand from residents of transfer into Ukrainian of the documents constituted in foreign language, including the account (invoice), except stated in English, and also stated in foreign language with simultaneous statement in the Ukrainian (English) language.

When placing goods in customs regime of conversion outside customs area the term of return of these goods or products of their conversion on customs area of Ukraine in customs regime of import is determined according to the Customs code of Ukraine.

The National Bank of Ukraine has the right to enter for up to six months other terms of calculations, than those which are determined by part one of this Article.

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