Yet another bureaucratic hurdle for operating a business in Ukraine has been lifted. On 18 August 2016, the National Bank of Ukraine (the “NBU”) issued Regulation No. 372 (the “Regulation”) which has abolished the requirement to obtain a price evaluation act for services rendered abroad. 

The price evaluation act was an obstacle to making payments to payees outside of Ukraine and its repeal means local companies may now make payments abroad for services rendered by non-residents (foreign parent companies, for example) without having to confirm in advance that the contract price for the services corresponds to the market price. Until now, the act was required if the amount of payment exceeded EUR 50,000 (or an equivalent in other currency) for services under one or a number of services agreements with the same service provider relating to the same type (class) of services within a calendar year.  The Regulation became effective on 19 August 2016.

Legislation: Regulation of the National Bank of Ukraine “On Annulment of Certain Regulations of the National Bank of Ukraine” No. 372 dated 18 August 2016.