In Ukraine, the problem of foreign currency return from the export of grain existed even before the war, and currently it has become more acute. Meanwhile, the main provisions of draft law No. 8166 "On amendments to the Customs Code of Ukraine and other laws of Ukraine regarding the introduction of special export procedures" will not bring a positive result for agribusiness.
Today, there are two exchange rates in the country - the NBU and the market rate, its difference is what the legal exporter actually loses. On average this lose is in the range of 10-15%, sometimes the difference reaches 20%. The second exporters' problem is VAT reimbursement, that practically does not occur, and exporters lose another 14%, that they do not receive from the state. To sum up, "white" exporters are not receiving about 30% of the profit today.
"Unfortunately, the state has not been able to solve the main problems – the currency equalization and the adjustment of the VAT refund process. At the same time, to solve the issue of currency control, the lawmakers chose the worst option - the created draft law will only complicate the situation. The legal exporter will really pay this 15%, and the "black" will show the minimum customs value and "deposit" insignificant funds, as well as use other schemes to bypass the proposed system, which are not covered by this bill. We agree that the problem of currency return must be solved. But simple solutions cannot be used here - it is necessary to build an effective control system, such as the VAT electronic administration system, where all transactions follow the same formula through calculation that is understandable for farmers. An integral part of this system should be an "overdraft" for legal exporters, the amount of which they can export without the obligation to fill up export deposits - for example, a percentage of the taxes they paid or the foreign exchange earnings previously returned to the country." - Dmytro Kokhan emphasizes.
Wednesday, 9 November 2022