15:16 06.10.2021

Customs Service head considers idea of transferring function of FX control of customs processing regime to be unrealistic

2 min read
Customs Service head considers idea of transferring function of FX control of customs processing regime to be unrealistic

Head of the State Customs Service Pavlo Riabikin considers the idea of transferring the function of foreign exchange control of the customs processing regime to be unrealistic. However, he admits the possibility of expanding the amount of information that the customs office transfers to the National Bank of Ukraine (NBU).

"Now in certain circles they are discussing the possibility of transferring the function of FX control of the customs processing regime to the State Customs Service. But this idea seems unrealistic to me, since this is not part of the customs function," Riabikin said in an exclusive interview with Interfax-Ukraine.

The authority does not have either the appropriate specialists or technical capabilities, he added.

"But to improve interaction with the National Bank and help the regulator in FX control, in my opinion, it would be possible to consider expanding the volume of information that is transmitted from us to the National Bank," Riabikin said.

In Ukraine, in September 2018, amendments to the Customs Code were adopted, which provided for the possibility of placing goods under the customs processing regime, regardless of the type of contract and forms of payment. This is a favorable regime for external investors, which allows importing raw materials into the country without paying taxes, producing finished products and selling them for export.

"Today, 355 enterprises process imported raw materials in this mode on the customs territory of Ukraine," Riabikin said.

"Let me remind you: in Ukraine, the subjects of FX supervision are the National Bank and the tax service. Customs in this story performs a semi-technical function. We participate in FX control only in transferring information from customs declarations to the National Bank in accordance with a special instruction from the regulator," he said.

At the same time, the volume of transmitted information is limited. Information in four of the 54 columns that appear in the document is given, the head of the service said.

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