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Ukraine: tax accounting of foreign currency from exports

Ukraine
18/05/2009
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The tax accounting of foreign currency from the export of goods has recently been clarified.

Generally, taxable gross income must be recognised by exporters as soon as goods are shipped or payment is received, whichever happens first.

Thus, if the goods are shipped before payment is made, the sale price must be included in the exporter’s taxable gross income from the moment of shipment. There are then no further tax consequences when payment is subsequently received.

The Ukrainian tax authorities have also clarified that there is no need to recalculate taxable gross income to reflect foreign exchange fluctuations during the tax reporting period in which the income arises, although the foreign currency balance sheet value must be recalculated if exchange rates fluctuate.

These clarifications appear to support exports from Ukraine as it combats the economic crisis.

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