The Cabinet of Ministers winds up the elaboration and pledges readiness at the next sitting to present a mechanism for installments to refund value added tax when importing unique equipment. This was announced by Prime Minister of Ukraine Volodymyr Groysman during a meeting with the leadership of light industry enterprises.

The Head of Government recalled  an  initiative on installment payment for VAT was aired last summer as one of the steps to advance the industry's modernization, first and foremost of light manufacturing.

"The light industry has been demonstrating growing trends  for two consecutive years. But there are a number of problems. Last summer, we talked about technical modernization. And then I promised that we could ensure installments to refund the VAT. The mechanism will be introduced at the next Government meeting. Our products will conquer domestic market and will be presented at foreign markets", the Prime Minister underscored.

He underscored the initiated step is just one of the list of elaborated decisions targeted to accelerate economic growth and ensure a high-quality industrial breakthrough.

"For this political season we propose a drastic agenda of 35 bills that will provide opportunities to facilitate access to financial and public resources and outline other issues that should be regulated by the law," the Head of Government stressed.

Background

There are 2.3 thousand enterprises in sectors of light industry and the number of employees in the industry amounts to more than 80 thousand people. The increase of capital investment in the industry is 24% and export growth - 43%.The total output increased by 6.3% last year, and the volume of production sold amounted to UAH 23 billion. The production is exported to more than 150 countries.