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Agriculture

Policy Progress: The Parliament Passed the Draft Law on Amendments to the Tax Code of Ukraine on the VAT Rate on Transactions for the Supply of Certain Types of Agricultural Products in the First Reading

Policy Progress: The Parliament Passed the Draft Law on Amendments to the Tax Code of Ukraine on the VAT Rate on Transactions for the Supply of Certain Types of Agricultural Products in the First Reading

The American Chamber of Commerce in Ukraine welcomes passing the Draft Law #3656 on amendments to the Tax Code of Ukraine on the value-added tax on transactions for the supply of certain agricultural products by the Verkhovna Rada of Ukraine in the first reading.

The Draft Law provides for the establishment of a reduced rate of value-added tax (-14%) on transactions for supply on the customs territory of Ukraine and import into the customs territory of Ukraine of certain types of agricultural products.

The adoption of this Draft Law will help support agricultural production in Ukraine, attract investment, renew fixed assets of enterprises, increase the competitiveness of domestic agriculture, eliminate common schemes of tax evasion, protect from unjustified tax burden on transactions for the supply or sale of agricultural products, as well as bring economy out of the shadows.

The American Chamber of Commerce in Ukraine welcomes this step and looks forward to the adoption of the Draft Law #3656 in the second reading.