LETTER OF THE MAIN STATE TAX AUTHORITIES OF UKRAINE

of December 2, 1996 No. 15-0114a/10-1175

About provision of tax benefits to investors of construction and acquisition of housing for the military personnel

Due to the receipt of requests concerning procedure for provision of privileges on the income tax for the military personnel and members of their families which are provided by the Law of Ukraine "About the taxation of profit of the companies" with changes and additions made by the Law of Ukraine of April 24, 1996 N 143/96 "About entering of amendments into some legal acts of Ukraine on the tax matters" the State Tax Administration of Ukraine reports investors of construction and acquisition of housing.

Article 3 of the Law of Ukraine "About the taxation of profit of the companies" establishes privileges on the income tax in the form of reduction for the purpose of the taxation of balance sheet profit of the companies by the amount of profit on realization of the part of housing and the objects of trade and social appointment constructed at the expense of its means for the military personnel and members of their families which have the right to housing according to the current legislation of Ukraine, and Article 10 - reduction of tax amount by profit to 100 percent - to cost recovery directed to investment of construction and acquisition of housing for the military personnel and members of their families which have the right to housing according to the current legislation belonging to it.

The specified privileges are provided to the companies investors since May 15, 1996, that is from the date of publication of the Law of Ukraine "About modification of some legal acts of Ukraine on the tax matters" in the Golos Ukrainy newspaper.

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