Gov’t has determined the procedure for using tax-exempt funds for industrial park participants

The Government approved the mechanism for using tax-exempt funds for industrial park participants with its resolution adopted at its session on September 30.

In particular, the resolution defines the very term "released funds" as the amount of corporate income tax that is not paid to the budget and remains at the disposal of the taxpayer - a participant of the industrial park and is directed to the development of activities of such a participant on the territory (within the limits) of the industrial park in the directions that are approved by this resolution.

The released funds can be directed to the development of the activities of the industrial park participant in the following areas:

• creation or re-equipment of the material and technical base;

• increase in the volume of production;

• introduction of the latest technologies.

Information on the use or non-use of released funds is provided by industrial park participants in the corporate income tax declaration for the reporting year.

"The Government pays a lot of attention to creating favorable investment conditions in Ukraine. That is why we are currently improving the working conditions of industrial parks, most of which are located in relatively safe areas in the western regions. Currently, they are one of the most important mechanisms contributing to the improvement of the investment attractiveness of regions and can stimulate their economic development", stated the First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko.

It should be noted that on September 7, the Government determined the mechanism for importing equipment for industrial parks. Such equipment is imported into the customs territory of Ukraine by participants of industrial parks with exemption from import duty and value-added tax.

Up to now, 56 industrial sites are included in the Register of Industrial Parks.