President of Ukraine Volodymyr Zelensky signed the law on amendments to the Tax Code of Ukraine regarding government support for culture, tourism and creative industries.

According to the presidential press service, the law introduces tax incentives to support activities in the field of creative industries, culture, tourism, sports and other humanitarian sectors.

In particular, targeted assistance received by payers, provided at the expense of budget funds or international technical assistance funds for the implementation of projects or programs in creative industries, is exempt from corporate income tax and personal income tax.

In addition, the rate of value added tax (VAT) has been reduced for operations for the supply of services related to the culture and tourism sectors, in particular, services for showing performances, cultural events, conducting excursions to museums, zoos and reserves and visiting them.

The bill establishes reduced VAT at the rate of 7% for operations for the supply of services for the display of performances, film premieres, musical works, and exhibition projects. A similar VAT rate is introduced for the public screening of films adapted in accordance with the law into Ukrainian versions for persons with visual and hearing impairments. "Such support measures will make the products and services of companies operating in the creative industry, culture and tourism available and help them minimize the negative impact of the introduction of quarantine measures due to the spread of coronavirus. It will also help to preserve jobs in these business segments," the presidential press service said.