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The season for tax audits on compliance with currency legislation in the part of settlement deadlines for export and import transactions has been opened

author: Alexander Minin

28 April, 2023 Exclusive

The Law of Ukraine "On Currency and Currency Transactions" entitles the National Bank of Ukraine to establish, as one of the measures to protect the stability of the banking and financing system of Ukraine, the deadlines for payments under export and import operations.

Control over compliance of currency legislation, in particular as to the deadlines for making payments under export and import operations, is the duty of the tax authorities, as defined by the Law "On Currency and Currency Transactions".

In practice, such tax audits have not been carried out for quite some time due to the moratorium. Accordingly, the penalty for violation of settlement terms for export and import operations was not applied either.

However, the new year has already seen a real “burst” in the activity of tax officers in these matters: inquiries, tax audits.

The immediate reason for this was the introduction of changes to the Tax Code of Ukraine by the Law 2719-IX as of November 3, 2022, which, in particular, excluded from the moratorium concerning deadlines the inquiries related to currency control in terms of timeliness of payments under export and import operations. The changes also unblocked tax audits on issues of compliance with the deadlines for settlement of export and import operations, and, therefore, the possibility of applying penalties for violations of these deadlines.

However, is everything so clear in this matter? There are grounds to consider that the deadlines for responding to "currency" requests from tax authorities have not yet been renewed and taxpayers should not hurry to respond to such requests.

The full version of the article is available in Ukrainian by the link.

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