Ukraine's new currency law exempts businesses from filing declarations of foreign assets – NBU

Photo from UNIAN The National Bank of Ukraine (NBU) says the law of Ukraine "On Currency and Currency Transactions," effective from February 7, exempts businesses from submitting declarations on currency values, revenue and other foreign assets. The last period for which the businesses were obliged to file their declarations was 2018. Starting from the first quarter of 2019, such declarations are no longer required, according to the regulator&#39;s website. Read alsoCurrency law in action: Ukrainians invest almost EUR 2 mln abroad "Forex liberalization means not only the simplification of foreign economic transactions or the purchase of foreign currency, but also the decrease in the administrative burden on businesses," the NBU stressed. UNIAN memo. Law of Ukraine "On Currency and Currency Transactions", which lifts about 30 restrictions on the country&#39;s forex market, came into effect on February 7. The law increases the terms for settlements under export-import contracts and allows legal entities to freely use their foreign accounts and non-residents – to use their accounts in Ukrainian banks. In addition, individual licenses for currency transactions are canceled, while online forex trade by individuals is allowed. The limit on currency transfers abroad for individuals without opening bank accounts is increased 10 times. Moreover, starting February 7, businesses will be able to repatriate dividends for 2018 within EUR 7 million per month and buy currency on any given day without prior reservation of funds. Moreover, from March 1, the rate of mandatory sale of currency by exporters will drop from 50% to 30%.

Ukraine's new currency law exempts businesses from filing declarations of foreign assets – NBU

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