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Verkhovna Rada approved the row of tax changes

Based on the amendment the following changes are envisaged:

- to abolish income tax rebates to hotel businesses and electrical generation businesses except those  that produce electricity from green energy sources;

- to limit favourable income tax rates to joint investment enterprises;

- to abolish the lower rate of 10% income tax for security-related operations and associated businesses;

- to now apply VAT to the sales of commercial timber, cord wood, and waste timber industries;

- to abolish the zero rate of VAT of services in intercity high-speed passenger trains;

- to continue to release grain and technical crop export businesses from charging VAT up to and including December, 31, 2014;

- to apply an excise tax rate of 70,53 UAH per litre to alcoholic beverages, currently classified for human consumption, containing an ethyl alcohol volume of 8.5% or more and for a litre of 100% alcohol by volume vodka, with all such drinks marked with an excise label;

- to commence the taxation of alternative fuels;

- to increase the current rate of tax applied to drilling for natural gas for industrial use;

- to temporarily apply a new tax collection for military funds up to and including 01 January 2015.

In addition an act is passed regarding the statement by the Finance Minister in relation to funds for obligatory state social security.

Source: Allukrainian network of ЛІГА:ЗАКОН


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