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. Excess of the specified term requires the conclusion of the central executive body which realizes state policy in the sphere 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 the translation 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.

Article 2. The import transactions of residents performed on the terms of delivery delay in case such delay exceeds 180 calendar days from the moment of implementation of advance payment or drawing of the bill of exchange for benefit of the supplier of the imported products (works, services), require the conclusion of the central executive body which realizes state policy in the sphere of economic development.

In case of application of calculations for import transactions of residents in the form of the documentary credit, the term provided by part one of this Article is effective from the moment of implementation of payment by authorized bank for benefit of the nonresident.

The term and conditions of completion of import transaction without commodity importation on the territory of Ukraine are determined according to the procedure, established by the Cabinet of Ministers of Ukraine in coordination with the National Bank 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.

Article 3. The National Bank of Ukraine has the right to establish the term during which the foreign currency purchased by resident in the interbank foreign exchange market of Ukraine for ensuring obligation fulfillment before the nonresident shall be used for designated purpose, and procedure for its sale in case of non-compliance with this term by the resident.

Article 4. Violation by residents, except the subjects of managing performing activities in the territory of conducting anti-terrorist operation for its carrying out, the terms provided by articles 1 and 2 of this Law or established by the National Bank of Ukraine according to articles 1 and 2 of this Law involves collection of penalty fee for each day of delay in the amount of 0,3 of percent of the amount of uncollected revenue (cost of the undersupplied goods) in the foreign currency converted into monetary unit of Ukraine by the currency rate of the National Bank of Ukraine on the date of emergence of debt. The general size of the added penalty fee cannot exceed the amounts of uncollected revenue (cost of the undersupplied goods).

If the resident files to Export credit agency petition for failure to carry out or inadequate accomplishment by the nonresident of its monetary commitments under export external economic agreements (contracts) that became cause of infringement resident of the terms provided by articles 1 and 2 of this Law, the specified terms stop and the penalty fee during such suspension is not levied. If non-execution of monetary commitment by the nonresident is not subject to settlement by Export credit agency according to the legislation, the current of the specified terms renews and the penalty fee is charged in accordance with general practice (including penalty fee for the period of suspension).

In case of acceptance before consideration by court, International commercial Arbitration Court or Maritime arbitration commission under Chamber of Commerce and Industry of Ukraine of the action for declaration of resident about collection from the nonresident of the debt which arose owing to non-compliance by the nonresident with the terms provided by export-import contracts, the terms provided by articles 1 and 2 of this Law or established by the National Bank of Ukraine according to articles 1 and 2 of this Law, stop, and the penalty fee for their violation during this period is not paid.

In case of adoption by court of the decision on refusal in the claim fully or partially either the termination (closing) of proceeedings or leaving of the claim without consideration the terms provided by articles 1 and 2 of this Law or established by the National Bank of Ukraine according to articles 1 and 2 of this Law, are recovered and the penalty fee for their violation is paid for each day of delay, including the period for which these terms were suspended.

In case of adoption by court of the decision on satisfaction of the claim the penalty fee for violation of the terms provided by articles 1 and 2 of this Law or established by the National Bank of Ukraine according to articles 1 and 2 of this Law is not paid from acceptance date of the claim before consideration by court or Arbitration Court.

Bodies of the income and charges have the right to collect directly by results of documentary checks from residents the penalty fee provided by this Article.

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