The FINANCIAL — The President of Ukraine, Petro Poroshenko signed the Law of Ukraine #912-VIII “On encouragement of foreign economic activity”, which cancels the additional import duties, declared the press-service of the Head of state on December 26.
According to the announcement, realization of the Law would ensure the furher fulfilment of conditions of the Memorandum of Economic and Financial Policies of Ukraine between Ukraine and the International Monetary Fund, and the Memorandum of Understanding between Ukraine as the borrower and the European Union as the lender dd. May 22, 2015.
The Law takes effect on January 1, 2016.
As a reminder, on December 24 the Verkhovna Rada of Ukraine adopted the draft law #3533 “On encouragement of foreign economic activity”, which lifts down additional taxation on most imported products at the rates of 10 and 5%. The Law invalidated the Law of Ukraine “On measures on stabilization of current account balance of Ukraine in compliance with Article XII of General Agreement on Tariffs and Trade 1994”.
On October 21, the Cabinet of Ministers approved the further cancelling of the additional import duties since January 1, 2016.
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