Poroshenko signs oilseed export VAT bill into law
Ukrainian President Petro Poroshenko has signed a bill amending the Tax Code o Ukraine regarding some issues of taxation of transactions to export oilseeds with VAT.
According to a posting on the website of Ukraine's Verkhovna Rada, bill No. 7403-d was returned to the parliament on August 30, 2018.
The bill says that the annulment of VAT refunds for soybeans and rapeseeds exports does not apply to agricultural companies which planted the crops on farmland.
As reported, on May 22, 2018, Ukraine's Verkhovna Rada amended the Tax Code, retaining the temporary annulment of VAT refunds for traders when they export soybeans from September 1, 2018 until December 31, 2021, and rapeseeds – from January 1, 2021 until December 31, 2021. The parliament allowed that the requirement does not apply to agricultural producers.
The European Business Association (EBA) asked the president to veto the bill, believing that it would create discriminative conditions on the market and would result in violation of principles of free competition.