The President signed the law on the fight against “black grain”

President Volodymyr Zelensky signed Law No. 10168-2 on the fight against "black grain" and the non-return of foreign exchange earnings.

The law gives the Cabinet of Ministers (CMU) the right to launch mechanisms that minimize opportunities for abuse during the export of agricultural products. This should ensure greater foreign exchange revenues for the state and positively affect the stability of the national currency.

For example, the government can introduce an export support regime for certain types of goods, mostly agricultural products.

Within the framework of this regime, it will be prohibited to export goods to foreign economic operators who are not VAT payers. It is also prohibited to export such goods at prices lower than the minimum permissible export prices (prices will be determined by Minagro).

Before exporting such goods, the payer must register a tax invoice at the following rates:

• 0% — payers whose amount of unreturned currency revenue does not exceed 20% (the order of calculation of such an indicator will be determined by the CMU);
• 14 or 20% (at the rate for domestic supply of the relevant product) — all other payers. Such payers will be able to adjust the VAT rate by 0% only after the tax office receives information from the bank about the completion of calculations for the relevant export operation.

"Black grain" refers to products that traders bought from farmers for cash and exported abroad. If the grain is bought for cash, no taxes are paid during its production. In addition, such grain is often sold through fictitious one-day firms.