Ukraine's Cabinet of Ministers has proposed the increase in excise taxes on alcoholic drinks be imposed from July 1 instead of September 1, 2014, as it is stipulated in the current edition of the Tax Code.

The relevant bill, No. 4647, on amendments to the Tax Code and some other legislative acts, was registered in the parliament on April 7.

The cabinet also proposes a return in 2014 to the norm on the obligatory use of domestic raw materials in cognac production. In particular, from July 1 the share of a company's own cognac spirit in cognac production should be at least 15%, and from 2015 to 2016 - at least 20%.

As reported, the increase from September 1 this year of excise taxes on spirit, alcoholic distillates, alcoholic drinks from UAH 56.42 to UAH 70.53 per liter of 100% spirit is foreseen in the law on preventing financial catastrophe and creating prerequisites for economic growth in Ukraine that entered into force on April 1.