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Agriculture

Policy Win: VAT Rate for Certain Agricultural Products Was Reduced to 14%

Policy Win: VAT Rate for Certain Agricultural Products Was Reduced to 14%

The American Chamber of Commerce in Ukraine welcomes the adoption of Draft Law #3656 “On Amendments to the Tax Code of Ukraine on the Value-Added Tax on Transactions for Supply of Certain Agricultural Products” (Draft Law) by the Verkhovna Rada of Ukraine.

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 of certain types of agricultural products into the customs territory of Ukraine.

This Draft Law is designed to eliminate tax evasion, protect market participants from unjustified tax burden on transactions for the supply or sale of agricultural products, renew fixed assets of enterprises, increase domestic agriculture competitiveness, and help attract investments and support agricultural production in Ukraine.

The business community looks forward to signing the respective Law by the Head of the Verkhovna Rada of Ukraine and the President of Ukraine as well as its further official publication.