WORLD TRADE WT/BOP/N/21
16May1997
ORGANIZATION(97-2058)
Original: English Committee onBalance-of-Payments Restrictions
NOTIFICATION UNDER PARAGRAPH 9OFTHE UNDERSTANDING
ONTHE BALANCE-OF-PAYMENTS PROVISIONS OFTHE
GENERAL AGREEMENT ONTARIFFS AND TRADE 1994
Thefollowingcommunication,dated6May1997,hasbeenreceivedfromthePermanentMission
oftheSlovak Republic.
____________________
Pursuant toArticle XII:4 oftheGeneral Agreement onTariffs andTrade aswellastoArticle 9
oftheUnderstandingonBalance-of-PaymentsProvisionsoftheGATT1994,theSlovakRepublicwishes
hereby tonotify totheWTO Members thattheSlovak Government adopted animport deposit scheme,
effected from 1May1997 byDecree No.122oftheMinistry ofEconomy. Therespective Decree
withannex isattached.
Theimport deposit scheme isbased onanobligatory six-month non-interest bearing deposit
equivalent to20percentoftheinvoiced price oftheimported product. Itapplies tomostconsumer
goods andfoodstuffs onanon-discriminatory basis.
Thepurpose oftheimport deposit scheme istoaddress withimmediate effect thecurrent account
deficit, representing more than10percentofGDP, threatening thebalance-of-payments position and
consequently leading todecline offoreign exchange reserves. Thismeasure, temporary innature,
isasupplementary element tothebroader setofeconomic, fiscal, monetary andincome policy measures
inshort, medium andlonger termperspective aimed atcompletion ofthetransformation process, support
restructuralization ofeconomy andstabilization ofthecountry 'sexternal equilibrium.
Theimport deposit scheme hasbeentaken asameasure lessrestrictive ineffect ontrade than
other alternative measures justifiable under therespective GATT balance-of-payments provisions. The
Slovak Government willcarefully consider itselimination depending onbalance-of-payments
developments.
TheSlovak Republic isready toenterintoconsultations under Article XII:4 oftheGATT 1994
intheCommittee onBalance ofPayments onthemeasure ithastaken, pursuant totherespective
provisions andprocedures.WT/BOP/N/21
Page2
Issues on1May1997
Decree No.122
oftheMinistry ofEconomy oftheSlovak Republic,
dated April 29,1997
ontheintroduction ofanimport deposit
PursuanttoArticle56,Paragraph1,Subparagraph(b)oftheActNo.42/1980LConEconomic
Relations withForeign Countries inthewording ofActNo.102/1988 LCandActNo.113/1990 LC,
theMinistry ofEconomy hereby issues thefollowing decree:
Article 1
(1) Imported goods, listed inAnnex tothisDecree, shallbereleased, byCustoms authorities1,
intofreecirculation2ifthedeclarant orhisrepresentative3submit adocument proving thelodging of
animport deposit.
(2) Goods shallbereleased intofreecirculation without thesubmission oftheabove if:
a) actual pricepayable4(hereinafter "invoiced price") isequal toorlower than5000 SK,
b) thegoods inquestion arenotimported forcommercial purposes5,
c) thegoods inquestion areprovided freeofcharge,
d) thegoods inquestion areimported tosettle receivables payable bytheGovernment,
or
e) thegoods inquestion areexempt from customs duties.6
Article 2
Forthepurposes ofthepresent Decree, thefollowing terms shallbeunderstood asdefined
below:
a) Theterm"import deposit" shallbeunderstood tomean anamount intheSlovak currency equal
to20percentoftheinvoiced price ofthegoods tobeimported, deposited foraperiod of
sixmonths andbearing nointerest (hereinafter "import deposit"),
1Article 15,16and17ofActNo.180/1996 LC.
2Article 95,96and98ofActNo.180/1996 LC.
3Article 4ofActNo.180/1996 LC.
4Article 29ofActNo.180/1996 LC.
5Article 2,Subparagraph (g)ofActNo.180/1996 LC.
6Article 20ofActNo.180/1996 LC.WT/BOP/N/21
Page3
b) Theterm"receivable payable totheGovernment" shallbeunderstood tomean receivable which
theMinistry ofFinance oftheSlovak Republic registers among financial assets ofthe
Slovak Republic andwhich hasresulted from credit lines orother forms offoreign trade
transactions funded bythestatebudget onthebasis of:
1. intergovernmental credit arrangements thattheSlovak Republic isbound, or
2. international agreements onclearing systems ofpayments, or
3. international barter agreements, or
4. loans provided inthepastfromCentral foreign exchange funds togovernments orto
banks ofother countries.
Article 3
(1) Theimport deposit shallbedeposited bydeclarant orhisrepresentative withanybankhaving
seatinSlovakia (hereinafter "thebank"). Thebankshallissue adocument proving thedeposit tothe
declarant orhisrepresentative.
(2) Thedocument shallcontain, inparticular, thefollowing:
a) identification dataofthebank,
b) identification number ofthedocument,
c) identification dataofdeclarant orhisrepresentative: thetrade name, seatandidentification
number forlegalperson; thename, surname, birthregister number andpermanent residence
fornatural persons,
d) invoiced price ofimported goods,
e) amount ofdeposit inSlovak currency, including thedeposition date,
f) additional information specifying thepurpose ofthedocument,
g) dateofissue, stamp ofissuing bank, name, surname, position andsignature ofresponsible
representative ofissuing bank.
Article 4
(1) Forthepurposes ofthisDecree, theconversion offoreign currencies intoSlovak Koruna shall
bebased ontheexchange rateoftheSlovak National Bank ineffect onthedeposition date. The
converted amount shallberounded down towhole Slovak Koruna.
(2) Concerning imported goods tosettle receivables totheGovernment, theirpurpose shallbe
confirmed byacertificate issued bytheMinistry ofFinance oftheSlovak Republic.
Article 5
Thedeclarant orhisrepresentative wholodged thedeposit mayaskthebank torelease and
return theimport deposit before theexpiry ofthesix-month period if:
a) thegoods inquestion havenotbeenreleased intofreecirculation oritisproven thatthegoods
inquestion havebeenexported from theterritory oftheSlovak RepublicWT/BOP/N/21
Page4
b) customs authorities exempt orrefund dutyaccording tospecific provisions.7
Article 6
ThisDecree shallbecome effective onthedateofitspublication.
Karol Cesnek
Minister ofEconomy
7Article 236ofActNo.180/1996 LC.WT/BOP/N/21
Page5
Annex toDecree No.122
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