Cabinet proposes 100% of proceeds from vehicle recycling tax be sent to Ecology Ministry special fund

The Ukrainian government has proposed amendments to the Budget Code, according to which 100% of the revenues from the vehicle recycling tax will be sent to the special fund of the Ministry of Ecology and Natural Resources, Ecology Minister Oleh Proskuriakov has said.

"It [the draft law on amendments to the Budget Code] has been adopted. All 100% will go to the special fund managed by the Ministry of Ecology and Natural Resources. When these changes are voted for [in the Verkhovna Rada], we will develop a procedure for using these funds," he said at a press conference.

According to him, the estimated amount of proceeds from the tax collection will amount to about UAH 2 billion annually.

As reported, from September 1, 2013 amendments to the Tax Code, foreseen by the law of July 4, 2013 (No. 422-VII) on amendments to the Tax Code of Ukraine regarding the payment of a vehicle recycling tax and improving certain tax norms, came into force.