12:08 25.12.2015

Parliament approves VAT compromise for farmers

1 min read
Parliament approves VAT compromise for farmers

The Ukrainian parliament has approved a compromise on revoking the beneficial VAT taxation regime for farmers via granting the beneficial regime for the period until they transfer to the general taxation system.

Some 251 parliamentarians supported bill No. 3688 on Thursday.

According to the amendments to the Tax Code presented by the head of the tax committee, Nina Yuzhanina, in the parliament, in 2016 for the period when milk and meat producers transfer to the general taxation system 80% of VAT will be left for them and 20% will be sent to the budget.

Farmers working with grain and industrial crops will send 85% of VAT to the budget, and other farmers – 50%.

Since 2017, the VAT beneficial regime for farmers will be revoked.

As reported, initially the government proposed that all farmers pay 75% of VAT to the budget and 25% to the special account for own needs. The transfer to the general VAT taxation system in agriculture is the condition for continuation of the IMF program for Ukraine.

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