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Cost estimation certificates

Pursuant to the law of Ukraine, to transfer funds to a non-resident as a payment for any works performed, services rendered, intellectual property rights accrued or to fulfill obligations under a promissory note certifying resident’s debt to a non-resident for any works, services, intellectual property rights, it is necessary to submit a cost estimation certificate and a package of required documents to a bank. If such cost estimation certificate was not submitted to the bank, though its submission is required by law, the bank will refuse to transfer the funds. The law provides an exhaustive list of transactions for which the cost estimation certificate is not required.

Cost estimation certificate is issued by State Information Analytical Centre for Monitoring of External Goods Markets. It certifies compliance with the prices specified in agreements for works, services, intellectual property rights being the subject matter of such agreements with the market trends.

Such certificate should be obtained if price of the agreement exceeds EUR 100000 or its equivalent in any other currency according to official exchange rate of hryvnia to foreign exchange set by the National Bank of Ukraine as of the agreement date. Furthermore, the law envisages that services (works) purchased by a resident throughout a calendar year under agreements concluded with the same person or entity – provided that such services (works) being purchased are referred to the same subclass (one class if the class is not divided into subclasses, or to one group if the group is not divided into classes, or to one section if the section is not divided into groups) of Classification of Services related to Foreign Economic Activity DK 012-97 – are regarded as purchased under the same agreement.

If the Centre performed cost estimation and revealed overpricing of contractual works/services being the subject matter of the relevant agreement as compared to the market trends, funds will not be transferred. In this case, a resident must agree on changes to the contractual price with the non-resident and apply for the cost estimation certificate again.

Specialists of ‘KD CONSULTING’ legal & consulting firm with a long practical experience in this sphere will provide a full range of service related to obtainment of a cost estimation certificate.

(044) 521-11-40
(099) 260-75-75

15, P. Lyubchenko Str., Kyiv, 03680, Ukraine
E-mail: kd@kdconsulting.com.ua