Ukraine approved the Draft Law on supply contract liberty for agricultural commodities
On April 16, 2014 the Committee on Agrarian Policy and Land Relations of the Verkhovna Rada of Ukraine reviewed and supported the Draft Law #3469 dated on 23.10.13 “On the amendments to the certain legislative acts of Ukraine on the regulation of the development issues of the agricultural commodities exchange business”, declared the Ukrainian Agrarian Association.
The stated document will regulate the norms, limited the entrepreneurship liberty in the sphere of agricultural commodities purchasing and selling.
The Draft Law promotes the liberty for agricultural commodities supply contract: the free choice of counterpart, the making of exchange or off-exchange agreement. There will be single norms on the impossibility to apply the exchange rules for off-exchange contracts.
According to the data of the major business-associations of Ukraine, in 2012 the service fee for contracts' compulsory registration on the Agrarian exchange, including the accompanying costs totaled nearly 400 mln UAH. The service fee was the contingent tax for agricultural producers, due the traders who put it in the grain purchasing price.
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