of November 2, 2011 No. 2183/5/15-1416
To the chairman of Natsionalnogo banka Ukrainy Arbuzov S. G. Ulitsa. Institute, 9 g Kiev 01601
About application of Item 159.4 of article 159 of the Tax Code of Ukraine
Dear Sergey Gennadiyevich!
The State Tax Service of Ukraine, being guided by articles 2 and 8 of the Law of Ukraine of December 4, 1990 No. 509 "About the State Tax Service in Ukraine", reports the following.
For the purpose of ensuring accomplishment of the Program of economic reforms of Ukraine for 2010 - 2014 regarding decrease in share of troubled assets in total portfolio of banks and the obligations undertaken by Ukraine in the Memorandum of economic and financial policy within joint with the IMF the Stend-bay program concerning simplification of procedure for write-off by banks of hopeless loans, made corresponding changes to the tax legislation.
So, in subitem 159.4.1 of Item 159.4 of article 159 of the Tax Code of Ukraine (further - the Code) it is specified that banks compensate the debt determined hopeless according to the technique established by the National Bank of Ukraine. The procedure for compensation of bad debt at the expense of insurance reserves for banks is also determined by the National Bank of Ukraine.
The National Bank of Ukraine according to the specified regulations of the Code established the Method of determination of bad debt of active banking activities and of 01.06.2011 No. 172, registered in the Ministry of Justice of Ukraine 17.06.2011 for No. 722/19460, approved by the resolution of Board of the National Bank of Ukraine the Procedure for compensation by banks of Ukraine for bad debt for the provision account (further - the Procedure). The procedure is approved with the Ministry of Finance of Ukraine.
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