Law of Ukraine
“On the Procedure for Settlements in Foreign Currency”
Date of Entry into Force:
October 4, 1994
The law stipulates, that income of residents in foreign currency is subject to crediting to their currency accounts within a term not exceeding:
- 90 calendar days from the date of customs clearance of exported products;
- 180 calendar days - for operations on exporting pharmaceutical products;
- 500 calendar days - in case of payments for export-import operations in the area of space activity.
Excess of the above terms requires individual licensing from the National Bank of Ukraine.
Violation of the above terms results in imposing a fine for each overdue day in the size of 0.3 per cent of the unpaid amount in foreign currency. The fine can only be charged by state tax inspections, by the results of documentary examination.