Bill of 15% fee on foreign currency sale registered in parliament
2012-11-20 11:11:33
The bill, on amendments to some Ukrainian laws involving foreign exchange transactions, was registered at the Verkhovna Rada as No 11433 and published on the Parliament's official website.
The bill proposes "establishing that, in the sale of foreign currency for cash hryvnia, individuals shall pay a fee to the Pension Fund of Ukraine in the amount of 15 percent of the transaction amount."
Meanwhile, the bill proposes exempting from the payment of this fee the transactions of individuals selling foreign currency received by transfers from abroad in the amount not exceeding an equivalent of UAH 150 thousand per calendar month.
The sale of foreign currency withdrawn by an individual from his/her deposit account shall also be exempt from payment of the fee - just the currency should be put on a deposit account at least 30 days prior to its withdrawal.
The fee will not be recovered either from the sale of foreign currency, which was obtained from the payment of coupon income and from the sale or redemption of treasury bonds or government domestic loan bonds denominated in foreign currency.
In this case, exemption from payment of the fee will take place only where the amounts in foreign currency belonging to a citizen are sold by him/her for cash hryvnia at the very moment of receipt.
According to the author of the bill, as set out in the explanatory memorandum, introduction of these regulations would increase Pension Fund revenues and contribute to stability of the national currency of Ukraine.