President signs so-called ‘resource’ bill into law

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Владимир Зеленский

President of Ukraine Volodymyr Zelensky has signed a law on the balance of budget receipts (the so-called “resource” bill, No. 5600), the press service of the head of state has reported.

Law No. 1914-IX on amendments to the Tax Code of Ukraine and some legislative acts of Ukraine to ensure the balance of budgetary receipts is aimed at strengthening the resource base of budgets and preventing budget losses due to tax evasion. In particular, the indexation of the rates of some taxes, a change in approaches to the imposition of VAT and excise tax on tobacco products and liquids for electronic cigarettes, beer, as well as royalties for the use of subsoil for the extraction of iron ores are provided.

In addition, the document provides for an increase in certain rates of the environmental tax, the introduction of a minimum tax liability as a tax on the potential minimum income from an agricultural land plot, with the exception of plots of members of garden and horticultural cooperatives, agricultural land of citizens within settlements, lands in the occupied territory or demarcation lines for the period of the JFO.

It is also provided for the establishment of restrictions on the transfer of a negative value of the object of taxation by the tax on profit of enterprises of previous years for large taxpayers.

The law also contains provisions for resolving taxation issues and providing business support.

Leading business associations opposed the adoption of this bill, and after its vote in the Rada, they asked the president to apply the veto to it.

As reported, MPs adopted bill No. 5600 at the final reading on November 30.