Tiraspol, 14 April. /Novosti Pridnestrovya/. The term of currency earnings repatriation by exporters may be reduced from 210 to 120 days. The government is planning to submit the corresponding draft law to the Supreme Council.
As was noted by the minister of economic development, Dmitry Boltrushko, during a government meeting today, the PRB had already submitted a draft law amending and supplementing the law «On currency control».
At first the central bank's initiative provided for the reduction of the repatriation deadline to 90 days and the alteration of the mechanism of imposing fines on exporters who failed to meet this deadline. In particular, it is proposed to establish an indisputable procedure of collecting fines. According to Dmitry Boltrushko, the government took this aspect into account and proposed to reduce the repatriation deadline from 120 to 90 days.
«This measure virtually encourages enterprises to be more active about their receivables and take promptly necessary steps to return currency earnings to the country, thus reducing the period of crediting other countries' economies," he said.
The draft law has been submitted to the Presidential Administration. In case the head of state approves of this initiative, he will be able to submit it to the Supreme Council as an emergency law, which will significantly speed up the time of its consideration.
It is recalled that at present MPs are considering a bill depriving the president of this right or restricting it.
It should be noted that the repatriation period of currency earnings has changed more than once. First it was fixed within the limits of 60−90 days. In 2015 the period was extended to 150 days, and in 2010 to 210 days.
Limitation of currency repatriation terms is a classical fiscal instrument employed by many states in case of imbalance in the foreign exchange market. In Russia the repatriation period is limited to that indicated in the contract, and in Belarus it is 90 days. However, earlier they used to allow deliveries abroad only upon 100% prepayment. In Ukraine the period varies from 180 days on, depending on a contract; in Moldova from one to two years.
