Tax and accounting insights for Ukraine
24.06.24
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The Government recommends extending the payment terms for exports and imports of certain goods by three months

The Cabinet of Ministers has authorized the NBU to establish exceptions to the deadlines for settlement of export and import transactions for the defense industry. It also recommended the NBU, in particular, to extend the settlement periods for such transactions in the field of machine building or with a large delivery leverage. The Government adopted the relevant decision at a meeting on June 21, 2024.

"Supplying weapons to the army and developing the defense industry is a priority for Ukraine. The state must provide manufacturers with all the conditions for work, expansion of production capacity, etc. In particular, it should be able to respond more flexibly to the needs of manufacturers. Today, we have authorized the National Bank to establish exceptions to the terms of payments for export-import transactions for executors of state defense procurement contracts. This is important for companies that, for example, want to increase their capacity and need high-tech imported equipment that takes a long time to manufacture.

Also, at the initiative of the Federation of Employers and in consultation with business, we recommended that the regulator extend the time limits for export-import transactions for a number of goods. We are talking, in particular, about engineering products, such as machine tools, machines, equipment, etc. These are all things that will help our manufacturers to establish or expand production. The decision also applies to items whose exports have become more difficult due to restrictions on port operations. For example, metallurgy or agricultural products," said Yulia Svyrydenko, First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine .

According to the Government's decision, the National Bank is recommended to extend the timeframe for settling export-import transactions from 180 to 270 days, in particular

  • machines for processing various materials, including laser, lathes, machining centers, etc.
  • water jet cutting machines;
  • machines (including presses) for metal processing;
  • machines and apparatus for soldering or welding;
  • chassis, bodies, trailers and semi-trailers, etc;
  • Agricultural, horticultural or forestry machines for preparing or cultivating soil
  • Pipes and tubes;
  • electric motors and generators;
  • chassis with installed engines, etc.

In addition, the Government recommends that the NBU extend from 90 to 120 days the deadlines for payments for certain agricultural commodities, including wheat, rye, etc.

Ministry of Economy

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