15:35 21.12.2017

Rada temporarily restricts VAT refunds for exports of soybeans from Sept 2018, rapeseeds from Jan 1, 2020

Rada temporarily restricts VAT refunds for exports of soybeans from Sept 2018, rapeseeds from Jan 1, 2020

Ukraine's Verkhovna Rada temporarily restricted VAT refunds for exports of soybeans from September 1, 2018 and rapeseeds from January 1, 2020.

A total of 274 lawmakers backed amendments to bill No. 6776-d amending the Tax Code of Ukraine on Thursday.

According to the adopted amendment, transactions to export outside the customs territory of Ukraine are temporarily exempted from VAT payment: from September 1, 2018 until December 31, 2021 for soybeans and from January 1, 2020 to December 31, 2021 for rapeseeds.

For sunflower seeds exports VAT refunds remain.

"As a result of the quick reaction of the entire agrarian sector to amendment No. 180 to the Tax Code on the abolition of export VAT for soybeans, rapeseed, sunflower and active coverage of this issue in the media, today the lawmakers took a step back and voted from their point of view on a compromise solution. This could be considered only an intermediate victory for the agrarians, because in the agricultural sector the planning is carried out for the period from three to five years. These changes are not long-lasting for the sector," Director General of the Ukrainian Agribusiness Club Taras Vysotsky said.

According to him, the agrarians will continue to convince the deputies with economic arguments and calculations that the "invasion of competition" will have a negative long-term effect on the entire sector.

"We will insist on adopting transparent long-term rules that will stimulate investment in the sector, rather than worsen the international image of Ukraine," Vysotsky said.

The Verkhovna Rada voted to abolish VAT refunds for export of soybeans, rapeseed and sunflower from March 1, 2018.

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