11:28 05.02.2020

Rada cuts amber royalty to 5% in 2020, 8% in 2021, 10% from 2022

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Rada cuts amber royalty to 5% in 2020, 8% in 2021, 10% from 2022

Ukraine's Verkhovna Rada has passed at second reading bill No. 2241 with amendments to the Tax Code on the reduction of the amber production royalty from 25% to 10% from 2022, and by the end of 2020 the interim rate of 5% will be in effect and in 2021 – 8%.

An Interfax-Ukraine correspondent reported that 290 MPs voted in favor of the corresponding bill with the required 226 votes.

"The committee at the meeting decided to take into account the proposals submitted by MPs regarding the reduction of the amber production royalty rate to 10% and temporarily set the royalty for the use of mineral resources for the production of amber until December 31, 2020 inclusively in the amount of 5%, until December 31, 2021 inclusive – at 8%. Thus, the 10% rate will be effective from January 1, 2022," Deputy Head of the parliamentary committee on finance, customs and tax policy Oleksandr Kovalchuk said, presenting the document from the rostrum of the parliament.

An increase in the royalty from 5% to 25% in 2016 led to a decrease in budget revenues under this item, he said.

"Therefore, the proposed approach has a stimulating character for the legalization of amber production," Kovalchuk said.

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