As a part of the systemic customs reform the Ministry of Finance has made one more step in favor of business and has solved a number of issues mentioned by businessmen at their meetings with the Prime Minister and the Council of the Business Ombudsman. Thus, following the initiative of the Ministry of Finance, the Government has decided today to simplify the correction procedure for customs declarations.
What’s it all about?
The regulations on customs declarations will be amended – according to them, the customs authorities will be obliged to correct customs declarations, if their decisions are cancelled. For instance, if the court cancels a decision of the customs authorities on the customs value of goods, corrections to the customs declaration will be not the right, but the duty of the customs which will have to do them without any additional requests by the respective company.
Also, companies receive the possibility to correct their customs declarations due to the Funds Transfer Pricing regulations. The regulations on customs declarations did not have a clause on the issue of a correction sheet in case of the necessary correction of data related to additional customs payments or their refund including cases when decisions of the customs authorities are abolished. This made it difficult for business to return funds which were paid by mistake and/or overpaid amounts. The decision enabling corrections in customs declarations will make it possible to properly reflect changes in the price of goods exported from Ukraine and will significantly simplify the refund of overpaid duty amounts from the state budget.
What’s in it for Ukraine?
- the latest changes simplify and speed up customs formalities;
- the procedure for the refund of overpaid duty amounts to business is improved;
- corrections to customs declarations due to the Funds Transfer Pricing regulations are now properly settled;
- business conditions are made easier, favorable conditions for international trade are established.