The National Bank of Ukraine (NBU) has allowed banks to use electronic communication for the exchange of information needed to control export and import transactions by residents, according to the regulator`s posting on its website.
On June 16, 2016, the NBU adopted resolution No. 347, enacting changes to the regulation on procedures for control of export and import operations, having simplified interaction between banks, customers and state agencies.
In particular, the regulator has simplified document workflow for currency control by amid export and import operations. Banks are now able to control export and import operations handled as electronic transactions. The NBU allowed the use of invoices as documents certifying the provision of services, and it has also cancelled the mandatory provision by customers of a written confirmation from foreign tax authorities of the taxes paid.
”These changes will allow banks and their customers to use modern communication means and electronic documents in some procedures relating to controls over import and export operations, which previously required the use of only paper forms,” the posting reads.
As UNIAN reported earlier, the Ukrainian government last year approved a road map for deregulation, which will enable Ukraine to improve its position in the 2017 Doing Business ranking by entering the top 50 countries based on the ease of doing business, and the top 20 in the 2018 Doing Business ranking.
As UNIAN reported earlier, Ukraine advanced 13 positions to rank 83rd on the Ease of Doing Business Index created by the World Bank Group.
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