President signs amendments to Tax Code regarding amber production

President signs amendments to Tax Code regarding amber production

Ukrinform
President of Ukraine Volodymyr Zelensky has signed the law on the reduction of rent payments for amber production, according the website of the Verkhovna Rada.

The law stipulates that the rent payment for subsoil use to extract recourses (amber) will be reduced from 25% to 10%.

The relevant amendments have been introduced to Clause 252.20 of Article 252 of the Tax Code of UKraine.

The law also supplements the Transitional Provisions of the Tax Code with a provision that it is intended to set a temporary rent payment for the subsoil use to extract amber, defined by Clause 252.20 of Article 252 of the Tax Code: at 5% until December 31, 2020 inclusive, and at 8% until December 31, 2021 inclusive.

As Ukrinform reported, on February 4, the Verkhovna Rada adopted the bill “On amendments to Article 252 of the Tax Code of Ukraine on adjusting the amount of rent payments for the use of subsoil for amber production”. A total of 390 MPs voted in favor of the document.

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