14:20 15.12.2015

Govt proposes leaving 25% of VAT in 2016 to farmers

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Govt proposes leaving 25% of VAT in 2016 to farmers

The Cabinet of Ministers of Ukraine has proposed that 25% of value added tax (VAT) is left for famers in 2016, and 75% will be paid to the national budget.

According to bill No. 3630 on creating the competitive conditions in taxation and stimulation of the economic operations in Ukraine, it is proposed that three taxpayer groups that have the right to apply the simplified taxation system are introduced.

Group A are individual businessmen that do not hire workers, they trade only on markets and/or provide consumer services to the public, and their revenue does not exceed UAH 300,000.

Group B are individual businessmen with up to 10 hired workers and revenue of up to UAH 2 million.

Group C – agricultural producers with agricultural production share of over 75% in the previous fiscal year. The tax rate for the latter remains at the level of the pecuniary assessment of one hectare of land and their revenue does not exceed UAH 2 million.

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