Ukraine's government continues to simplify the customs procedures. Unlisting certain product categories of imports into the customs territory of Ukraine from cash collateral requirements will be the final step in the implementation of the initiative, the Information-Analytical Bulletin of the cabinet of Ministers of Ukraine informs.
The monetary deposit is currently used now as a customs payment security technique. The appropriate draft amendments to the Customs Code to extend the list of goods not subject to the collateral, proposed by the Ministry of Revenue and Duties, were approved at the Cabinet meeting on Nov. 5.
Under the bill, legal entities who have guarantor status will be exempted from being required to provide collateral.
“The new customs payment security procedure will reduce the burden on the businesses involved in production of goods under the customs processing system of Ukraine. For example, companies in the consumer industry, which will be able to release funds to guarantee delivery when exporting finished products outside of Ukraine.” Oleksandr Klimenko, Minister of Revenue and Duties said.
According to Klimenko, the status of the customs duties guarantor will be an additional competitive advantage for domestic enterprises.
Currently there is a discussion about the proposal for defining goods transported under agreements on cooperation between the Cabinet of Ministers of Ukraine and the governments of the CIS, as well as products intended for use by diplomatic missions of foreign states in Ukraine, etc.
The government has been working in this direction for a year. Only in the first half of 2013, average customs clearance time for one customs export declaration was reduced to 44 minutes, and for import to 1.5 hours.
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