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Verhovna Rada removed administrative barriers to exports of services

The law is simplifying the procedures for concluding foreign trade agreements (contracts), as well as accounting and financial reporting and abolishing of exchange controls for transactions with export of works (services) and intellectual property rights.

Additionally the law allows to conclude foreign trade agreements (contracts) not only in writing but also in electronic form as well as through the adoption of public solicitation (offer), electronic messaging or by account (invoice).

The significant change includes also prohibition for banks to require translation of documents into the Ukrainian language, upon their completion in English or a foreign language while outlining Ukrainian (English). Invoices shall be recognized as a primary document that will be sufficient for confirmation of economic operation.


04.11.16


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