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Conclusion on the extension of the deadlines for settlements
The Ministry of Economy, in cases provided for by law, may issue a conclusion on the extension of the deadlines for settlements in the field of foreign economic activity (hereinafter referred to as the conclusion).
This is done to perform currency control functions, as well as to optimize export-import operations for business.
You can extend the deadlines in case of delays, force majeure, defects in the product, etc. We will talk about this in more detail in the article below.
What is the conclusion on the extension of the deadlines for settlements?
This conclusion should be understood as an official document from the Ministry of Economy, which gives businesses the right to exceed the standard period for currency settlements for export-import operations (in peacetime – 365 days, during martial law – 180 days).
It is necessary to apply for its receipt to the relevant enterprise when there are objective reasons due to which it is impossible to complete calculations on time, for example:
- logistical problems;
- technical difficulties;
- financial constraints;
- Force majeure.
A limited list of cases when the Ministry of Economy issues such a conclusion is given in the Resolution of the Cabinet of Ministers of Ukraine No. 104. It is recommended to apply in advance, as soon as it became known about the likelihood of missing the deadline.
This will help to avoid penalties for violation of currency legislation, maintain the trust of both customs authorities and a foreign partner, and maintain the stability of further implementation of such operations.
Where to apply to get an opinion on the extension of the deadlines for settlements?
To obtain a conclusion, it is necessary to submit an application of the established form and annexes to it directly to the Ministry of Economy. There, all documentation is redirected to the relevant department, namely the Department of Foreign Economic Activity.
You can submit documents by:
- personal appeal (or through a representative by proxy);
- sending by mail to the address of correspondence;
- through the Diia service portal (with mandatory signing with a qualified electronic signature, i.e. QES).
If the documents are prepared in accordance with the current national legislation and recognized as acceptable by the Ministry of Economy, within the next 10-14 days it will be possible to obtain an opinion on the extension of the deadlines for settlements in paper form.
What documents must be provided for the issuance of an opinion on the extension of the deadlines for settlements?
At the request of the provisions of the Resolution of the Cabinet of Ministers of Ukraine No. 104, the applicant must prepare the following package of documents:
- firstly, an application for an opinion (the form is approved in the Order of the Ministry of Economy No. 329);
- secondly, a properly certified copy of the foreign economic agreement;
- thirdly, invoices, invoices, customs declarations or other documents confirming the transaction;
- Finally, letters from the partner to justify the delay in deliveries or settlements.
The procedure for issuing a conclusion on the extension of the deadlines for settlements: what else needs to be taken into account?
There are cases when a business may be denied an opinion.
This can happen either when the goods in respect of which transactions have been carried out belong to the list of those in respect of which such an application is not subject to consideration (for more details, see the Resolution of the Cabinet of Ministers of Ukraine No. 104), or if the authorized person made a mistake in the preparation of documents.
To avoid possible problems, you should carefully:
- describe the current state of execution of the foreign economic contract in the application;
- provide a convincing justification for the reasons for the delay, confirming them with documents;
- translate all foreign documents into Ukrainian and notarize them.
It is important to know! If you plan to close your business after the completion of the relevant settlements in the field of foreign economic activity, then it is better to do it after receiving a conclusion on the extension of the deadlines.
Because if the Ministry of Economy sees a mark on the termination of the enterprise in the unified register, this may also serve as a basis for refusal to provide the relevant document. For more detailed information, please contact our customs lawyer for advice.
How can a customs lawyer at Prikhodko & Partners Law Firm help?
The lawyers of our company, taking into account their experience and qualifications, provide a whole range of legal assistance in the field of foreign economic transactions.
In order to resolve your issue regarding the extension of the deadlines for settlements and obtaining an appropriate conclusion, the lawyer:
- conduct an exhaustive consultation;
- analyze the available documents to understand the chances of obtaining an opinion;
- assist in the collection and notarization of all annexes to the application;
- develop an application for the provision of an opinion;
- submit all documentation to the Ministry of Economy;
- appeal against the refusal if it finds its illegality in your case.
By contacting us, you can be sure of the success of resolving your issue with the customs authorities and the Ministry of Economy, including obtaining an opinion on the extension of the deadlines for settlements.
To find out the cost of our services, please fill out the form below.
Calculate the cost of services
1 question
Has your company concluded a foreign economic agreement (contract) with a term of execution exceeding 180 calendar days?
2 question
Do you intend to extend the settlement period for the relevant foreign economic operation?
3 question
Do you need advice on the preparation of documents for extending the settlement period in the field of foreign economic activity?
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