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Rada tax committee, in amendments to 'resource' bill, agrees on abolition of VAT on scrap metal operations for next 5 years
KYIV. Sept 17 (Interfax-Ukraine) – The Verkhovna Rada Committee on Finance, Taxation and Customs Policy when considering amendments to the second reading of "resource" bill No. 5600 on amendments to the tax code of Ukraine and certain legislative acts of Ukraine concerning balancing budgetary revenues, has agreed to prolong the exemption of operations with scrap of ferrous and non-ferrous metals from the collection of value added tax (VAT) until January 1, 2027.
"The committee has extended the VAT exemption for scrap metal and waste paper until January 1, 2027. It has provided the payer with the right to proportionally assign VAT amounts to a tax credit in the event that ferrous and non-ferrous metal scrap was generated during its activity," MP Nina Yuzhanina (European Solidarity faction) wrote about the initiatives introduced during the consideration of the bill on Facebook on Thursday.
As reported, on November 23, 2018, the parliament adopted law No. 2628-VIII on amendments to the tax code of Ukraine (…), Article 60 of which provides for the prolongation until January 1, 2022 of VAT exemption for operations with scrap of ferrous and non-ferrous metals, in particular, on imports.
