Ukraine's parliament legally defines barter transactions in foreign economic activities

The Ukrainian parliament has amended the law on regulation of commodity exchange (barter) transactions in the foreign economic activities sphere.

A total of 229 out of the 437 MPs registered in the hall on Thursday supported on the law on amendments to the law.

The law says that a central executive power body for economic policy makes a decision whether or not to issue a on-time individual permit to a foreign company no later than in 15 working days after the day when the company submits all required documents.

The law also foresees that grounds for the refusal to issue a one-time individual permit is the submission of documents by entities later than 15 working days after the expiration of the term of imports of goods, fulfillment of work or provision of services, which are imported under barter agreements, the mismatch of submitted documents to the requirements of Ukrainian law, or the discovery of false information in the documents.

The law says that a one-time individual permit is cancelled and counted invalid from the moment of a decision on its cancellation is made by the central executive power body for economic policy.