LAW OF UKRAINE

of December 23, 1998 No. 351-XIV

On regulation of goods exchange (barter) transactions in the field of foreign economic activity

This Law sets the mode of implementation of goods exchange (barter) transactions in the field of foreign economic activity, the responsibility for violation of its regulations also determines powers and functions of state bodies during control of carrying out such transactions.

Article 1. General provisions

1. Goods exchange (barter) transaction in the field of foreign economic activity is one of types of the export-import transactions which are drawn up by the barter agreement or the contract with the mixed payment method by which partial payment of export (import) deliveries is provided in natural form, between the subject of foreign economic activity of Ukraine and foreign business entity which provides the exchange of goods, works, services balanced at cost in any combination, not mediate movement of means in cash or non-cash form.

Assessment of goods according to barter agreements is performed for the purpose of creation of conditions for ensuring equivalence of exchange, and also for customs accounting, determination of insurance sum, assessment of claims, application of sanctions. Condition of equivalence of exchange on the barter agreement is exchange of goods (works, services) at the prices which are determined by subjects of foreign economic activity of Ukraine on contractual bases taking into account the demand and supply, and also other factors which act on the corresponding markets for the period of the conclusion of barter agreements. In cases, stipulated by the legislation Ukraine, contract prices are determined by subjects of foreign economic activity of Ukraine according to indication prices.

2. In the barter agreement the total cost of goods which are imported, and total cost of goods (works, services) which are exported under this agreement, with obligatory expression in the foreign currency carried by the National Bank of Ukraine to the first group of the Qualifier of foreign currencies is specified.

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