As part of the gradual liberalization of FX controls, the National Bank of Ukraine has removed a requirement for residents to obtain a cost examination certificate from the State Information and Analytical Center for Monitoring International Commodity Markets when settling bills for imported services. Amendments to this effect have been approved by NBU Board Resolution No. 372, dated 18 August 2016, On Declaring Null and Void Some Regulations of the NBU.
Up until now, residents have been required to obtain a cost examination certificate from the State Information and Analytical Center for Monitoring International Commodity Markets when settling bills for services (as well as works, intellectual property rights) purchased from non-residents if the total value of imported services exceeds EUR 50,000. The cost examination certificate was needed to confirm the compliance of contract prices for services with market prices.
“The NBU believes that the requirement for residents to obtain a cost examination certificate from the State Information and Analytical Center for Monitoring International Commodity Markets is no longer an efficient tool for preventing capital outflows abroad. Removal of this requirement will by no means lead to the relaxation of controls on foreign trade operations related to import of services given that the NBU takes consistent measures to tighten financial monitoring through the use of indicators to detect suspicious financial transactions,” said Director of the NBU Open Market Operations Department Mr Serhii Ponomarenko. This resolution shall take effect from 19 August 2016.