Finance Ministry proposes introducing five-year schedule of approaching excise duties to European level

16:01, 18.08.2015 1 min read

The Ukrainian Finance Ministry has proposed introducing a five-year schedule for the gradual approach of excise tax rates to the European level, according to the presentation on tax reform developed by the ministry.

According to the ministry, an automatic annual indexation of excise duty rates denominated in the hryvnia should be implemented.

Among the changes being explored by the ministry are the consolidation of the provisions of the Tax Code about the specifics of taxation of fuel and other substances used as raw materials in the chemical industry.

The Finance Ministry plans to introduce a system of control over excise duty payments in the production and turnover of fuel through the use of excise invoices.

The ministry believes changes to the mechanisms for calculating and collecting excise tax on fuel retail sales also need to be made.