With the entry into force of the Law of Ukraine “On Currency and Exchange Transactions”, the procedure for effecting settlements on import / export transactions has changed significantly.
Thus, according to the aforementioned law, the income of residents in foreign currency shall be placed to their accounts within 365 calendar days from the date of customs clearance of the goods, and in case of the export of services, works, intellectual property rights or other non-property rights, the period shall be calculated from the date of signing the delivery and acceptance certificate, the invoice or other documents (which can be signed and be in electronic form).
The same period shall be also applied to the import transactions, if a Ukrainian enterprise has paid in advance for goods, services, or works: the period for customs clearance of the goods or refund is 365 calendar days.
Otherwise, the penalty will be significant: 0.3 percent of the unreceived/ unreturned sum for each day of delay.
IMPORTANT: since February 2019, a relaxation of control over export / import transactions has been established. Now the transactions of the amounts of more than 150,000 Ukrainian hryvnias shall not be subject to the currency control, and therefore the period of 365 days does not apply to them.