The National Bank of Ukraine (NBU) has authorized the purchase and transfer of foreign currency by resident legal entities that are e-commerce entities abroad to pay value added tax (VAT) on the purchase of goods from domestic producers by consumers from EU countries.
“The condition for these transactions is that the e-commerce entity must be registered as a taxpayer in the EU. This mitigation will primarily support small and medium-sized businesses that will be able to promote their own goods on the EU market through trading platforms,” the central bank said in a press release on Monday.
The regulator assumes that this will not have a negative impact on international reserves, as the inflow of foreign currency to Ukraine for the goods sold will far exceed the additional demand for currency to pay VAT in the EU.
In addition, the NBU announced a number of other currency easing measures. In particular, the central bank allowed state-owned companies to buy and transfer foreign currency abroad to cover carbon dioxide emissions.
“State-owned enterprises will be able to buy foreign currency and transfer it to non-residents to purchase quotas to cover or compensate for carbon dioxide (CO₂) emissions associated with aviation activities,” the National Bank explains.
According to the regulator, this step contributes to the continuity of defense procurement under state contracts, will allow for further air transportation abroad, and will support military-technical cooperation with the EU.
Other transactions that the NBU has authorized since September 10 include payments for operations under reinsurance agreements concluded with foreign nuclear insurance pools.
“In particular, to pay a break-even bonus, which is a mandatory condition stipulated by the reinsurance agreement. This mitigation will have a minor impact on international reserves and at the same time will allow the Nuclear Insurance Pool to fulfill its obligations to partners, which is important for the smooth operation of the industry,” the NBU said in a release.
As reported, the regulator also allowed Ukrainian businesses to reimburse coupon payments on Eurobonds paid from February 24, 2022, to July 9, 2024, at the expense of their own foreign currency accumulated in Ukraine.
At the same time, starting from September 10, the NBU introduced a limit of UAH 100 thousand per month for payments for watches, jewelry, precious stones and coins from currency cards of Ukrainian banks abroad and up to UAH 500 thousand per month for transactions with real estate agents.
All of the above innovations are introduced by Resolution No. 108 of September 6, 2024, which was officially promulgated on Monday, September 9.
