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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Ukraine: International Trade Paperwork is Simplified

Wednesday, June 22, 2016 > 10:05:09
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(Lexology by CMS Cameron McKenna)

On 16 June 2016, the National Bank of Ukraine (the “NBU”) issued Regulation No. 347 (“Regulation No. 347”), which should allow Ukrainian business to use invoices instead of the transfer-acceptance acts in the export-import transactions. Regulation No. 347 amends NBU Instruction “On Performance of Control over Export, Import Transactions” approved by the NBU Regulation No. 136 dated 24 March 1996.

According to Regulation No. 347 it is now possible to use invoices, transfer-acceptance acts and other documents to evidence performance of works, provision of services and transfer of rights under the foreign trade deals. Previously, the invoices were not mentioned as such tool. While the NBU does not expressly say when an invoice can be used instead of a transfer-acceptance act, we expect that, where applicable, Ukrainian banking practice will prefer invoices to transfer-acceptance acts. Regulation No. 347 does not provide for a specific form of an invoice (electronic or paper), which should mean that an original hard copy of the invoice will be required.   

Regulation No. 347 became effective on 17 June 2016.

Legislation:

Regulation of the NBU “On Approving the Amendments to the Instruction “On Performance of Control over Export, Import Transactions” No. 347 dated 16 June 2016. Instruction of the NBU “On Performance of Control over Export, Import Transactions” approved by the NBU Regulation No. 136 dated 24 March 1996.


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