The form of Notification on completion of currency supervision by banks has been updated

Order of the Ministry of Finance No. 404 dated August 19, 2024 amended Order of the Ministry of Finance No. 535 dated October 09, 2023. The document contains technical amendments to the title and preamble of Order No. 535. Also, a new version of the form of the Notification on Completion of Currency Supervision by Banks of Compliance with the Deadlines for Taxpayers' Payments for Relevant Export Operations Subject to the Export Security Regime has been posted at and the Procedure for its completion has been amended.

In particular, the Procedure has been supplemented with provisions that define the list of circumstances, the occurrence of at least one of which indicates the completion of taxpayers' settlements under the relevant export operations to which the export security regime is applied, namely

► completion by the bank servicing the resident taxpayer of currency supervision over compliance by such resident with the deadlines for settlements under the relevant transaction for the export of certain types of goods outside the customs territory of Ukraine under the customs regime of export (except for the completion of currency supervision in connection with the closure of all resident bank accounts and/or change of the servicing bank in the customs declaration);

► receipt by the bank of information from the electronic register of customs declarations on the transaction of export of certain types of goods outside the customs territory of Ukraine under the customs regime of export, if such transaction is subject to full prepayment to the resident's account with a bank in Ukraine for the entire consignment of goods documented by the relevant customs declaration;

► receipt of funds in full to a resident's account in a bank in Ukraine under a transaction for the export of certain types of goods outside the customs territory of Ukraine under the customs regime of export, the invoice value of which in the relevant customs declaration is less than the amount provided for in Article 20 of the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Proceeds of Crime, Terrorist Financing and Financing of the Proliferation of Weapons of Mass Destruction.

Why the changes?

Order No. 535 is brought in line with the provisions of paragraphs 91 and 97 of subsection 2 of section XX "Transitional Provisions" of the Tax Code of Ukraine, taking into account the amendments introduced by the Law of Ukraine No. 3706-IX dated May 09, 2024 "On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Peculiarities of Export of Certain Types of Goods during the Period of Martial Law" (hereinafter - Law No. 3706-IX).

Thus, Law No. 3706-IX excluded paragraph 91 from subsection 2 of Section XX "Transitional Provisions" of the TCU, which provided that until the termination or lifting of martial law or a state of emergency in Ukraine, value added taxation of transactions on exports outside the customs territory of Ukraine under the customs regime of exports of goods to which the export security regime is applied in accordance with Article¹⁹¹ of the Law of Ukraine "On Foreign Economic Activity" is subject to certain peculiarities.

At the same time, Law No. 3706-IX amended subsection 2 of section XX "Transitional Provisions" of the TCU with a new paragraph 97, which establishes that temporarily, for the period of validity of the export security regime introduced in accordance with Article¹⁹² of the Law of Ukraine "On Foreign Economic Activity", value added taxation of transactions on exportation of goods subject to the export security regime outside the customs territory of Ukraine under the customs regime of export is subject to certain peculiarities.

In particular, pursuant to subparagraph 97.3 of subsection 2 of Section XX "Transitional Provisions" of the TCU , within three business days following the day of completion of settlements under the relevant transaction for the export of goods subject to the export security regime from the customs territory of Ukraine, the bank shall submit to the central executive body implementing the state tax policy a notice of such completion in the form of an electronic document.

Order No. 404 will come into force on the day following the day of its official publication. As of the date of preparation of this material, the document has not been officially published.