Prime Minister: New Tax Code provides zero value-added tax for certain transactions
Prime Minister Mykola Azarov on Sept. 3 outlined new tax provisions included in a new draft Tax Code. Lawmakers are expected to consider the measures this fall.

Prime Minister: New Tax Code provides zero value-added tax for certain transactions

Sep 3, 2010 at 14:00 | Interfax-Ukraine
The Ukrainian cabinet in the draft Tax Code has proposed to introduce zero value-added tax (VAT) for transactions with scrap metal, grain, industrial crops and timber, stimulating their processing in Ukraine, according to Ukrainian Premier Mykola Azarov.

"Law, consulting and audit firms would not pay VAT," he added, presenting the draft Tax Code in Kyiv on Friday.

Azarov said that VAT rates would be cut.

He said that it is planned to automate the reimbursing of VAT and resume the payment of fines for delays in VAT reimbursement by the state at 120% of the discount rate set by the National Bank of Ukraine (NBU, currently 7.75% per annum).