VAT rate for Ukraine’s agricultural sector to decrease to 14%

The Verkhovna Rada (Parliament) of Ukraine has supported at second reading bill No. 3656, which provides for a VAT rate reduction from 20% to 14% in some segments of agriculture, UkrAgroConsult reports.

The bill’s authors believe this will allow processing company to save 6% of product purchase costs due to lower tax liabilities of the grower. This will change neither production and trade margins, nor the fiscal revenue balance.

In addition, this measure is expected to help reduce the share of shadow agricultural production.

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