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The Verkhovna Rada of Ukraine The Verkhovna Rada of Ukraine has supported at first reading a draft law on issues of the taxation of income from the purchase of previously used goods.

The draft law on amendments to some laws of Ukraine was supported at first reading by 374 MPs out of the 434 MPs registered in the parliament on Wednesday.

The draft law is aimed at improving Ukraine's taxation legislation via the taxation of income from purchases of goods, including vehicles, equipment, household appliances, cell phones, etc.

The draft law offers a fair system of taxation so that incomes of legal and physical entities can be brought out of the shadows, raising the competitiveness of domestic business, and bringing Ukraine's tax legislation into line with that of the European Union.

The draft law proposes the taxation of not the whole value of these products, as is the current practice, but only of the difference between this price and the price of its further sale

Thus, the authors of the draft law propose to tax only of the additional amount added by a dealer to the price at which the goods were bought by the dealer.