The National Bank of Ukraine reduced the settlement deadlines for export of certain agricultural products

As you may know, the settlement deadlines for export and import transactions performed starting from 05 April 2022 is 180 calendar days.

On 11 November 2023, the NBU’s Resolution No. 145 dated 10 November 2023 (“Resolution No. 145”) came into force. The Resolution No. 145 reduces the settlement deadlines for export of certain types of agricultural products.

Reduced settlement deadlines for certain export transactions

The NBU’s Resolution No. 67 “On the Exceptions and (or) Specifics of Introducing Settlement Deadlines for Export and Import of Goods, and Amendments to Certain Regulatory Acts” dated 14 May 2019 was amended by Resolution No. 145.

Thus, the settlement deadlines for certain export transactions performed starting from 11 November 2023 have been reduced to 90 calendar days. The new deadlines apply to export of goods classified in the following commodity groups of the Ukrainian Classification of Commodity for International Economic Activities in accordance with the Law of Ukraine “On Customs Tariff of Ukraine”:

• 1001 (Wheat and a mixture of wheat and rye (meslin));
• 1002 (Rye);
• 1003 (Barley);
• 1004 (Oats);
• 1005 (Corn);
• 1201 (Soybeans, whether or not broken);
• 1205 (Rape or colza seeds, whether or not broken);
• 1206 00 (Sunflower seeds, whether or not broken);
• 1507 (Soybean oil and its fractions, whether or not refined, but not chemically modified);
• 1512 (Sunflower seed, safflower or cottonseed oil and their fractions, whether or not refined, but not chemically modified);
• 1514 (Rape seed oil (from rape or colza seeds) or mustard oil and fractions thereof, whether or not refined, but not chemically modified);
• 2306 (Oilcake and other solid waste and residues resulting from the extraction of vegetable or microbial fats or oils, except for waste of heading 2304 or 2305, whether or not grounded, whether or not granulated).

According to regulator, this will strengthen the discipline of entities engaged in international economic activities with respect to settlement deadlines, and ensure the return of foreign currency earnings on certain agricultural export transactions.

We will continue to monitor changes in currency legislation during martial law and will share useful information with you.

_{Comments provided by Deloitte experts herein are for information purpose only and should not be used by taxpayers without an in-depth expert analysis on a case-by-case basis.} 

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