The Law of Ukraine "On amendments to certain Ukrainian
legislative acts (regarding elimination of administrative barriers
for export of services)" No. 1724-VIII came into force on 3
December 2016; the law was adopted by the Verkhovna Rada of Ukraine
(Parliament) on 3 November 2016 (the Law).
The Law simplifies the business related to the export of
services; removes some complicated requirements as to the execution
and implementation of agreements with foreign partners connected
with the export of services, transfer of proceeds in foreign
currency obtained from the export of services; and facilitates the
accounting and financial reporting connected with the export of
The Law introduced changes to the Laws of Ukraine, in
In the Law of Ukraine "On foreign economic activity"
the requirement is cancelled regarding "materially executed
agreement" – it is enough to reach understanding; it is
possible to execute agreement with foreign partners in electronic
format and (save for transportation services) through acceptance of
a public offer about such agreement (an offer) or by way of
exchange of e-mails or otherwise, in particular by issuing an
invoice (including electronic) for the services delivered. It all
eliminates the necessity to sig a written agreement in a
documentary form (on paper).
In the Law of Ukraine "On procedure of payments in foreign
currency" the list of documents necessary to deposit the
resident entities' proceeds to their currency accounts was
shortened; it is now possible not to translate English language
documents delivered in order to identify the currency proceeds as
obtained from the export of works (services). The requirement to
pay for the export of services (except for transportation and
insurance services), intellectual property rights, copyrights and
related rights within 180 calendar days from the moment of delivery
thereof is cancelled. It means that in fact the control over the
currency proceeds in case of the export of services is
In the Law of Ukraine "On accounting and financial
reporting" the ability is given to prepare initial and
combined accounting documents in electronic format, and the
requirement to indicate the place where the accounting document is
prepared is removed; the requirement is cancelled as to such
mandatory detail as "personal signature, equivalent of
personal signature or signature declared similar to the personal
signature under the Law of Ukraine 'On electronic digital
signature'," the ability is provided to prepare and store
the initial documents and accounting registers with the application
of electronic processing devices. Such novels make it possible to
execute export and import documents in electronic format.
In the Law of Ukraine "On international private law"
the requirement to execute a foreign economic agreement in written
form is cancelled; now it is possible to execute such agreement in
the form agreed by the parties thereto according to the amended
Article 6 of the Law of Ukraine "On foreign economic
The Law becomes effective one month after it comes into
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