State registration of agreements on joint investment activities may be canceled

On the website of the Ministry of Economic Development two bills have been published, which propose to cancel the state registration of contracts (contracts) concluded by foreigners for the purpose of investing in the economy of Ukraine:

  • Draft Law "On Amendments to Certain Legislative Acts of Ukraine Concerning Improvement of the Investment Climate";
  • Draft Law "On Amendments to Article 287 of the Customs Code of Ukraine on Improving the Investment Climate".

It should be noted that these treaties must now be registered with the state authorities, with a package of documents and payment of the cost of the respective services. In particular, in order to import equipment, a foreign investor must undergo appropriate procedures not only at the customs, but also to submit documents to the state registration bodies, which can consider them within 20 days.

The documents propose to cancel the state registration of contracts and leave the customs authority the right to carry out inspections, including non-visiting ones (for example, regarding the actual use of the transferred equipment or goods).

In case of adoption, these laws will come into force on the day following the day of its publication.

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