OREANDA-NEWS. July 06, 2012. In a July 5, 2012 public discussion on “Public Revenue and New Customs Code: Key Stability Challenges”, Minister of Finance of Ukraine Yuriy Kolobov said that the Customs Code validated this June would help increasing public revenue of Ukraine.

The event had government officials and public organizations’ people, science practitioners and experts mutually considering the customs policy.

In a speech opening the event, Minister of Finance told the audience about the new Customs Code major advantages and Ministry of Finance achievements in replenishing the State Budget, and about cooperation with international financial entities within foreign policy pursued by Ukraine.

Specifically, Yuriy Kolobov said that, to implement  Customs Code rules, the Ministry of Finance in conjunction with the State Customs Service made out a number of legal instruments including:

- 29 Cabinet of Ministers of Ukraine resolutions adopted by the Government;

- 38 Ministry of Finance orders in customs matters registered by the Ministry of Justice.

Besides, to harmonize Tax and Customs Codes’ rules, Verkhovna Rada of Ukraine adopted Law of Ukraine “On Amending Tax and Customs Codes of Ukraine in terms of harmonizing their certain provisions” No. 4915 dated June 7, 2012. The Law inter alia stipulates to:

- amend the Tax Code in terms of VAT and Excise tax imposed on goods subject to customs treatment as opted;

- amend the Customs Code in terms of estimating goods’ value for customs purposes, applying temporary importation customs treatment, and specifying liability of customs rules infringement.

At the event, Minister of Finance also said that June 2012 has been the time of accelerating public revenue proving that cross-border activities become livelier and the Customs Code is beneficial to Ukraine’s economy due to its rules intended to simplify and harmonize customs procedures.