Ukraine: Cabinet of Ministers registered the draft law under which the VAT on grain exports to be recovered in 2016
The Cabinet of Ministers of Ukraine registered the draft law #3863 in the Verkhovna Rada, according to which the VAT on exports of grains and industrial crops will be recovered since January 1, 2016, as opposed to January 1, 2014, in accordance to the applicable legislation, reported the press-service of the Ukrainian Agrarian Confederation.
According to the explanatory note to the document, the draft law was prepared in connection with the need to reduce the risk of unbalancing of the state budget-2014, which arise due to the entry into force of the Law of Ukraine №713-VII dd. December 19, 2013. In particular, the Law provides that the exports of grains and industrial crops is taxed using zero VAT rate with the right of the budgetary compensation, which will not contribute to keeping of the budget resources.
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