Verkhovna Rada has adopted in the first reading the draft Customs Code No. 15450, which adapts Ukrainian legislation to European Union standards. 261 MPs voted in favour of the document. This was reported by Ukrinform, according to the portal PromPolitInform.
The draft law aims to implement EU regulations into the customs sphere, which is a condition for Ukraine to obtain full EU membership. The new version of the code provides for the unification of terminology and procedures in accordance with European requirements.
New approaches for business
Updated mechanisms for determining customs value and debt are being introduced for foreign trade entities. In particular, businesses will receive the right to argue their position if customs authorities refuse to accept the declared value of goods.
The document also provides for the mandatory submission of security-related information prior to the export of products. Furthermore, a legal framework for data storage is being created according to European standards, which should facilitate electronic interaction with regulatory bodies.
Implementation of European standards
Despite the update of procedures, import duty rates will remain unchanged as they are regulated by a separate law. Preferential taxation will be transitioned to the European model, although current national exemptions will remain in effect until Ukraine joins the EU.
The draft is now being prepared for the second reading, during which MPs plan to introduce relevant amendments. In case of final adoption, the new customs regulation rules will enter into force on 1 December 2027.
Illustrative photo: Wadco2 / CC BY-SA 3.0
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