The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives.
The main abolished incentives are summarized below:
- limiting privileged corporate income taxation of joint investment institutes;
- abolishing taxation at a reduced income rate (10%), received from transactions with securities and derivatives;
- abolishing VAT exemption of transactions in supply oftimber, fuel wood and wood waste;
- introducing taxation of alternative fuels;
- introducing a new temporary nationwide military tax until January 1, 2015, etc.
The Law will enter into force with effect from the next day following the day of its official publication.
