The law comes into force on November 8
Today, November 7, 2014, Law No. 1690-VII on amendments to the Tax Code of Ukraine as regards taxes on investments was published in The Voice of Ukraine newspaper, RBK-Ukraine (РБК-Україна) reports.
The said law comes into force on the day following the date of publication.
The main purpose of the law is improving the norms of the Tax Code of Ukraine, which governs taxation applicable to production sharing agreements.
As regards the law updates, in particular, the notion “investor” (“operator)” has been edited, use of this definition has been detailed, with specifying the possibility to vest the rights and obligations relating to VAT payments in each investor and/or operator under many-sided agreements, according to the prescribed procedure.
“The legislative norms in place will help attract investments, spur funding for mining industry of Ukraine”, - the explanatory note to the document says.
