Export and Import: The Tax Service Explained How to Avoid Problems with Currency Control
The Tax Service urges foreign economic activity entities to timely submit all documents confirming export-import operations to their servicing banks.
The agency explains that timely preparation and submission of documents allows banks to promptly complete currency supervision of residents' operations, as well as ensures the formation of reliable statistical information for the National Bank of Ukraine.
Taxpayers are advised to pay special attention to the accuracy of bank details indicated in customs declarations. Errors or the use of outdated data may complicate currency supervision, cause discrepancies between bank and customs authorities' information, and also serve as grounds for notifications about possible violations and further inquiries from controlling authorities.
The State Tax Service notes that one of the most common reasons for notifications about possible violations of payment deadlines is the untimely or incomplete submission of documents to banks. In many cases, such notifications are later not confirmed, as the necessary documents exist with business entities but are submitted late or only after receiving additional requests.
The tax service emphasizes that timely interaction between businesses and banking institutions and correct completion of customs declarations will help reduce the number of unfounded notifications about violations of currency legislation, decrease the number of inquiries from controlling authorities, optimize the work of banks and state bodies, increase the effectiveness of detecting risky operations in the field of foreign economic activity, and ensure high-quality statistical data in the field of currency supervision.
In this regard, business entities are recommended to constantly monitor the status of settlements under foreign economic contracts, timely update bank details in customs declarations, maintain communication with servicing banks, and submit supporting documents in advance without waiting for requests from controlling authorities.
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