Prime Minister of Ukraine Volodymyr Groysman commissioned the Ministry of Finance of Ukraine to draft a bill on introduction of a 36-month installment plan to pay value added tax for industries importing equipment that has no analogues in Ukraine. The Head of Government told reporters in Chernihiv, summing up the Forum on the development of light industry "Ukrlehprom: Industrial Dialogue with the Government".
He stressed that the decision was balanced and had proved its efficiency in various industries, particularly pharmaceuticals and woodworking.
"Today I have instructed the Finance Ministry to draft a law on installments in 36 months for VAT payment when importing equipment for production purposes. One imports a processing unit to make fabric and he shouldn’t pay immediately 20% of VAT, but here is applied an installment plan for 36 months”, the Prime Minister announced. “We’ll apply it for all equipment not produced in Ukraine."
According to the Prime Minister, this decision, in the case of its approval by the Government, and later in Parliament, would give an incentive to upgrade industries, to create new jobs, to increase competitiveness, to reduce energy consumption and to save costs for investment in capital assets.
"Every business needs today advanced equipment, cutting-edge technologies. However, certain equipment, unfortunately, isn’t produced in Ukraine. Though, we must launch accelerated modernization, create a program allowing for speeding up the renewal of key assets", said the Prime Minister.