Viktor Yanukovych has signed law No. 8217 amending the Tax Code of Ukraine and some legal acts (on improving some provisions of the Tax Code) aimed at resolving problems noticed in the first six months of the code's being in effect.
According to a posting on the Verkhovna Rada’s Web site, the president signed the amendments on August 1.
The law permits chemical sector enterprises that use oil products as a raw material to buy them from local manufacturers and import them without having to pay excise taxes.
The Cabinet of Ministers determines which companies are allowed to buy oil products without paying excise tax. In addition, the government will set quotas for the purchase of oil products on preferential terms.
The document also extends the effect of the reduced excise for petroleum of EUR 50 per tonne and for diesel fuel of EUR 20-30 per tonne until August 31, 2011.
The law cancels the rent for extra output of oil, natural and petroleum gas, and gas condensate from exhausted fields and deposits with difficult geological conditions.
The Cabinet of Minister will approve a list of investment projects entitled to such privileges. Companies with a 25% stake belonging to the state and state-run companies will be entitled to this privilege.
According to the document, the tax on real estate, not including land plots, will take effect on July 1, 2012, instead of January 1, 2012, as was stipulated in the previous document.
