Tuesday, July 5 2016 13:40 EEST
Poroshenko signs law on reduction of excise tax on pre-owned cars
Ukraine, Poroshenko, law, politics, pre-owned cars, taxes, imported cars, vehicles, quota, import, treasury

On July 4, the President of Ukraine Petro Poroshenko signed the law 'On Amendments to the Tax Code of Ukraine on promotion of development of market for used vehicles', which is to reduce excise rate on pre-owned cars.

According to the presidential press service, Poroshenko signed the law in the presence of deputies from different factions. Some amendments to the law will be introduced at the next session of the Verkhovna Rada of Ukraine on July 7.

Earlier, members of the Cabinet addressed to Poroshenko with a proposal to sign the law. They claimed that the adoption of this law allows Ukrainians to buy pre-owned cars for their own use at affordable prices. It is known that the reduction of excise taxes on imported cars will be extended to those who import the vehicles on the territory of Ukraine for their own use, or to other people according to the contract of sale and other types of civil contracts. Moreover, there is a certain quota for the import of cars - one per year.

The authors of the law believe that after its adoption the import of pre-owned cars will increase by 20,000 vehicles by the end of 2016. This will provide the state treasury with additional 1.2 bln UAH.

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