15:13 12.03.2015

Ukrainian agriculture moves to general VAT taxation from 2016 – IMF memo

1 min read
Ukrainian agriculture moves to general VAT taxation from 2016 – IMF memo

The memorandum on Economic and Financial Policies agreed by the Ukrainian government with the International Monetary Fund (IMF) envisages depriving the agricultural sector in Ukraine of the beneficial VAT taxation regime.

"We recognize that agriculture has become one of the most profitable sectors of the Ukrainian economy. We will therefore bring the agriculture sector fully under the general VAT regime in line with international practice, effective January 2016," reads the memorandum signed by Ukraine and the IMF, published late on Wednesday.

As reported, the coalition agreement foresaw tax benefits for farmers being retained until 2018. The beneficial regime allows farmers to accumulate VAT to use the money for development.

Agrarian market players opposed the repeated initiatives of the state to cancel or change the beneficial VAT taxation regime, insisting that it is the only means of supporting the sector.

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