State Tax Service reminded foreign economic activity entities about algorithm of actions to avoid risks in the currency supervision

State Tax Service of Ukraine draws attention of foreign economic activity entities to importance of complying with currency supervision requirements in order to avoid possible risks.

Part 2 of Article 11 of the Law of Ukraine "On currency and currency operations" stipulates that currency supervision is carried out taking into account risk-oriented approach. One of the main triggers for supervision is receipt from authorized banks of notifications about violation of settlement deadlines for foreign economic activity operations.

The main reasons are:

- resident’s failure to submit complete package of documents to the bank;

- submission of register of customs declarations to the bank that does not serve resident;

- crediting funds to account not specified in the customs declaration;

- failure to submit information to the bank about changes to customs declaration (adjustment sheet, etc.).

To avoid unnecessary audits and excessive correspondence, the State Tax Service recommends that entities involved in the foreign economic activity:

timely provide the bank with complete set of documents;

inform the bank of any changes to customs declarations;

ensure consistency of data in customs declaration and payment documents.

Proper implementation of these recommendations will help to:

- reduce number of audits;

- optimize time and resource consumption;

- improve interaction with banking institutions and tax authorities.

State Tax Service continues to work within implementation framework of the National Revenue Strategy until 2030, developing modern service model and implementing compliance risk management system. Concept of the tax risk management system was particularly approved in 2023, which contributes to the effective and transparent administration of taxes and currency control.