Currency, sent by entities under foreign economic contracts and returned by a non-resident, is subject to mandatory sale

The specialists of the Main Department of the Ministry of Revenues in Kyiv reminded that own funds of businesses and individual entrepreneurs that were transferred to non-residents under foreign economic contracts and returned by a non-resident, due to the fact that mutual obligations between the parties were not fully or partly met, are subject to mandatory sale as required by the Resolution of the National Bank of Ukraine «On amending the terms of payment for transactions of exports and imports of goods and mandatory sale of foreign exchange earnings» of 14 May 2013 № 163, as amended by the Resolution of the NBU Board dated 25 September 2013 № 381.

In accordance with paragraph 3 of Resolution № 163 mandatory sale in the foreign exchange market of Ukraine applies to receipts from abroad in foreign currency of group 1 of the Classifier of foreign exchange and precious metals, namely: Australian Dollar (AUD), British pounds sterling (GBP), Danish Krone (DKK), U.S. dollar (USD), Iceland Krona (ISK), Canadian Dollar (CAD), Norwegian Krone (NOK), Swedish Krona (SEK), Swiss Franc (CHF), Japanese Yen (JPY), Euro (EUR), SDR (XDR), gold (XAU), palladium (XPD), platinum (XPT), silver (XAG).

The changes became effective 12 October 2013 (published in the newspaper «Holos Ukrainy» of 12 October 2013 № 163). Clarification on the practical application of Regulation № 163 is provided in the letter from the National Bank of 16.10.2013 № 29-113/18005.