With the entry into force of the Customs Code of Ukraine on June 1, 2012, new opportunities for certain enterprises in Ukraine are opening up. The new version of the Customs Code provides for the granting of the Authorized Economic Operator (AEO) status for businesses that are active in foreign trade activities, carry out regular importation of goods into the customs territory of Ukraine and have no arrears on tax payments.

This uncovered potential prompted a round table entitled “Approved Economic Operators: New Opportunities for Business”, which took place in Kyiv on June 8, 2012, at the Chamber of Commerce and Industry of Ukraine. Representatives of the State Customs Service, Ministry of Finance, the Committee of entrepreneurs in the field of foreign trade activities at the Ukrainian Chamber of Commerce, the Association of Exporters and Importers "ZED", the American Chamber of Commerce, and representatives of major exporters and importers of Ukraine got together to discuss this development. Vasil Kisil & Partners law firm acted as a co-organizer of the event.
VKP's associate Oleksandr Tereshchenko reviewed for the attendees the basic concepts of the economic operator status:

1. 3 types of economic operators;
2. What benefits they enjoy;
3. Terms and conditions, as well as AEO status eligibility criteria;
4. Conditions for suspension and revocation of this status.

Oleksandr also reviewed relevant basic bylaws, in particular, the decisions of the Cabinet of Ministers of Ukraine and draft orders of the Ministry of Finance of Ukraine.
The introduction of this status provides significant simplification of operation in terms of customs clearance procedures, the number of documents required by customs authorities and other activities.
According to Oleksandr Tereshchenko, the criteria stipulated by the Customs Code for the status of AEO, is not clear. Therefore, when undergoing the procedure for obtaining this status, many companies may face some difficulties.
Numerous questions from the audience to the speakers and, in particular, to the representatives of the State Customs Service and the Ministry of Finance, reflected increased interest of industrial enterprises in this topic.
At the moment the criteria for AEO status compliance are being developed and posted on the website of the Ministry of Finance with a proposal to all interested companies and organizations to submit their comments.
Summing up, roundtable speakers were unanimous in their opinion, that aside from obtaining the AEO status, it is far more important to manage not to lose it.

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For more details please contact Yuliya Chervonookaya,
Head of PR/BD Department
Tel.: +380 44 581 7777
E-mail: pr@vkp.kiev.ua
About the Firm
Established in 1992, Vasil Kisil & Partners is a Ukrainian law firm that delivers integrated legal advice in banking & finance, mergers & acquisitions, capital markets, antitrust, competition and trade, dispute resolution, tax law, energy and natural resources law, intellectual property law, labor and employment law, real estate and construction law, as well as PPP, concessions and infrastructure law.

The firm`s clients include such world-known companies as Alpcot Agro, Africa-Israel Group, Astellas Pharma, BASF, Bayer Consumer, BNP Paribas, British American Tobacco, Central European Media Enterprises, Coca Cola, Credit Agricole Group, Danone, Dell Inc., Du Pont, Energy Standard Group, Eurosport, Google, IKB Deutsche Industriebank, LG Electronics, Leroy Merlin Ukraine, Lukoil, Metso Automation Oy, Moody’s, Mott MacDonald Limited, NCH Capital, Novacke chemicke zavody, Opel, Philips, Pioneer, Red Bull, Russian Standard Bank, St. Sophia Homes, SEB AB, SEB Group, Swedbank AB, Seven Hills, Shell, Standard Charted Bank, Tchibo, UniCredit Group, Vanco International / Vanco Energy, Volkswagen, VympelCom, YouTube.