PROBLEM OF APPLICATION OF COUNTERCLAIMS IN FOREIGN ECONOMIC ACTIVITY OF UKRAINE

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PROBLEM OF APPLICATION OF COUNTERCLAIMS IN FOREIGN ECONOMIC ACTIVITY OF UKRAINE

Journal Title: Науковий погляд: економіка та управління - Year 2018, Vol 1, Issue 59

Abstract

It is generally accepted to consider counterclaims as a form of settlement for foreign economic contracts, which serves as a guarantee of proper payment for goods and services and affects the value of the latter. At the same time, counterclaiming affects the state of payments and the level of revenues from foreign exchange earnings for export-import transactions, as a result of which it serves as an instrument for influencing the level of foreign exchange earnings in the country. For Ukraine, the problem of applying a set of counterclaims for foreign economic operations is connected with the issue of withdrawal from the capital of the country through the non-return of export revenues under foreign economic contracts. Settlement of counterclaims in foreign economic transactions affects the volumes and structure of financial flows of participants in these operations, in particular on the volume of foreign exchange earnings and expenses. For a country with a deficit of foreign trade balance, any reduction in the volume of foreign exchange earnings is an additional factor in the devaluation pressure on the national currency. Today, the scope of application of counterclaims is limited to intrasternational operations. The prohibition by the state of offsetting counterclaims in the foreign economic sphere is a protective mechanism of the foreign exchange market and one of the forms of ensuring timely and complete return of foreign exchange earnings on foreign economic contracts, a tool to prevent the illegal outflow of capital. At the same time, the existing negative dynamics of non-residents' indebtedness in foreign economic operations shows that the existing system of prohibitions and restrictions in the field of currency settlements is not sufficiently effective. The prohibition of offsetting of counterclaims limits the rights of economic entities to implement their own settlement policy and adversely affects their economic activity. In this connection it is proposed to establish a prohibition of offsetting counter claims between related economic entities, in accordance with foreign economic agreements concluded with non-residents registered in offshore areas. To empower business entities to make counterclaims with payment of a certain discount from the amount of credit in favor of the state.

Authors and Affiliations

O. G. Volkova

Keywords

EP ID EP449934
DOI 10.32836/2521-666X/2018-1-59-20
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