LETTER OF THE STATE TAX SERVICE OF UKRAINE

of September 23, 2011 No. 1303/7/15-3417-27

(Endurance)

The State Tax Service of Ukraine considered letters concerning reference to the tax credit of tax amount on value added which answers nesamortizovanny part of cost of fixed assets, in case of sale of such fixed assets on the value added tax which were acquired for the transactions exempted from the taxation earlier, and reports.

According to Item 198.3 of article 198 of the Tax Code of Ukraine (further - the Code) it is determined that the tax credit of the accounting period is determined proceeding from the contractual (contractual) cost of goods/services, but it is not higher than the level of regular prices determined according to article 39 of this Code and consists of the amounts of the taxes accrued (paid) by the taxpayer at the rate, stipulated in Item 193.1 articles 193 of this Code during such accounting period in connection with:

- acquisition or production of goods (including in case of their import) and services for the purpose of their further use in taxable transactions within economic activity of the taxpayer;

- acquisition (construction, construction) of fixed assets (fixed assets, including other non-current tangible assets and incomplete capital investments into non-current capital assets), including in case of their import, for the purpose of further use in taxable transactions within economic activity of the taxpayer.

The right to charge of the tax credit arises irrespective of whether began such goods / services and fixed assets to be used in taxable transactions within economic activity of the taxpayer during accounting tax period, and also from, whether the taxpayer performed taxable transactions during such accounting tax period.

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