Poroshenko signs law abolishing additional import tax

11:20, 28 December 2015

Ukrainian President Petro Poroshenko has signed law No. 912-VIII dated December 24, 2015, on measures to stimulate foreign economic activity, the presidential press service reported.

Photo from UNIAN

A total of 268 lawmakers voted in favor of the document. The law abolished additional import tax, which was temporarily introduced in Ukraine for a period of 12 months.

"The implementation of the law will ensure the fulfillment of the terms of the Memorandum of Economic and Financial Policies between Ukraine and the International Monetary Fund and the Memorandum of Understanding between Ukraine as the Borrower and the European Union as the Lender dated May 22, 2015," the presidential press service said.

The law comes into force on January 1, 2016.

As UNIAN reported earlier, Ukraine introduced additional import tax on February 25, 2015, due to a sharp deterioration in the balance of payments. Import tax was imposed on all imports, except for critical ones, as proposed in the government-prepared law on the stabilization of the balance of payments of Ukraine. That law foresaw the introduction of a 10% tax rate on food products and 5% on non-food items.

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