Ukrainian President Petro Poroshenko has signed the law on the promotion of the market of used cars, which until January 1, 2019 significantly reduced excise duty on imports of such cars by individuals or legal entities under the condition of imports of one car per year, presidential spokesman Sviatoslav Tseholko has said.

"The president signed the law of Ukraine on used cars in the presence of deputies of different factions," Tseholko wrote on his Twitter page.

According to him, it was also agreed the law will be amended on July 7 "to avoid abuse."

As reported, the relevant bill was passed by the parliament of Ukraine on May 31, signed by Speaker Andriy Parubiy on June 16 this year and submitted to the president for signature.

On July 4 the Cabinet of Ministers of Ukraine proposed Poroshenko sign this law.

The document comes into force on the first day of the month following the month of its publication.

The law provides for reduction of excise tax only on passenger cars manufactured after January 1, 2010, as well as bans imports of cars from the country recognized as an aggressor/invader.