Yanukovych returns Customs Code to parliament, suggests postponing its introduction for a year

Ukrainian President Viktor Yanukovych has vetoed a law on amending the Customs Code adopted by the Verkhovna Rada on November 3, 2011.

In remarks registered in the Verkhovna Rada on December 21, the president proposes postponing the entry of the document into force for a year – until January 1, 2013.

“The adoption of the new Customs Code of Ukraine requires amendments to the Tax Code of Ukraine, and other legislative acts, [and also] requires the adoption of a large number of sub-laws. It is impossible to adopt the necessary laws and regulations during the time remaining before the code enters into force,” Yanukovych said.

In addition, the president proposed amending a number of articles of the document, in particular, to lower the limit for the duty-free import of goods into the territory of Ukraine by individuals from EUR 1,000 to EUR 500, leaving EUR 1,000 for checkpoints at airports.