Zelensky signs law on reducing VAT on imports of certain agricultural products

Zelensky signs law on reducing VAT on imports of certain agricultural products

Ukrinform
President of Ukraine Volodymyr Zelensky has signed a law on reducing the VAT rate for certain types of agricultural products, according to the president’s press service.

"The law is aimed at providing support for agricultural production in Ukraine, attracting investment in the industry and increasing the competitiveness of domestic agriculture," the report says.

It is noted that the implementation of the law "On amending the Tax Code of Ukraine on the value added tax rate on transactions for the supply of certain types of agricultural products” will reduce the motivation of taxpayers to optimize VAT liabilities operations with relevant products, which will reduce budget losses and promote de-shadowing in the field of agricultural production.

The law provides for a reduction in the VAT rate from 20% to 14% on transactions for the supply and import into Ukraine of certain types of agricultural products, including cattle, pigs, whole milk, wheat and rye, barley, oats, corn, soybeans, sugar beets, flax seeds, colza or rapeseed, sunflower and other oilseeds.

As reported by Ukrinform, the Verkhovna Rada adopted the Law "On amending the Tax Code of Ukraine on the value added tax rate on transactions for the supply of certain types of agricultural products” on December 17, 2020,

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