On July 3, 2015, the Board of the National Bank of Ukraine  adopted Resolution No. 427 On Amendments to Some Regulations of the National Bank of Ukraine  (hereinafter – Resolution No 427)  aiming to streamline the rules governing  the execution of foreign exchange operations by banks’ clients.

In particular, the amendments introduced by Resolution No 427 have specified the rules governing the execution of foreign exchange operations by the banks’ clients who have an outstanding tax debt that arose due to the changes in the procedure (algorithm) allowing amounts of advance payments of income tax on dividend payments to be included to offset amounts of monthly advance payments of income tax. The aforementioned banks’ clients are provided with the possibility to submit to the bank, instead of  a reference from the State Fiscal Service of Ukraine certifying that the client has no outstanding debts on taxes, levies and payments, a letter issued by the State Fiscal Service of Ukraine indicating that a bank client has an outstanding tax debt that arose due to the changes in the procedure (algorithm) allowing amounts of advance payments of income tax on dividend payments to be included to offset amounts  of monthly advance payments of income tax.