The Parliament abolished the payment of pension contributions from non-cash foreign exchange transactions and left the payment of it from cash foreign exchange transactions in force.
This is stipulated in the Law №71-VIII of December 28, 2014 "On Amendments to the Tax Code of Ukraine and laws of Ukraine on tax reform," the statement of the NABU reads.
The National Bank in April 2014 emphasized that the version of the law in force at the time
actually obliged to pay the contribution several times for one and the same foreign exchange transaction.
"For example, if an exporter performs mandatory or voluntary sale of foreign currency through its bank on the interbank market, and the client of another bank performed the acquisition of this currency, the contribution to the pension fund had to be paid three times – by the bank that serves the exporter, by the currency buyer’s bank and by the buyer itself," – it is said in the statement.
The NABU believe that the changes in the legislation will be one of the factors that will help increase the overall efficiency of the foreign exchange market, will reduce "spread" and increase the number of transactions.
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