LAW OF UKRAINE

of December 22, 2011 No. 4238-VI

About introduction of amendments to the Tax Code of Ukraine concerning the taxation of transactions with precious metals with participation of the National Bank of Ukraine

The Verkhovna Rada of Ukraine decides:

I. Bring in the Tax code of Ukraine (Sheets of the Verkhovna Rada of Ukraine, 2011, Art. No. No. 13-17, 112) such changes:

1. Add Article 14 with Item 14.2 of such content:

"14.2. For the purposes of of this Code debt obligations of the National Bank of Ukraine are equated to securities".

2. To add Item 164.2 of Article 164 with the new subitem of such content:

"164.2.18. income gained by the taxpayer for handed over (sold) it scrap of ferrous and/or precious metals, except income gained for the scrap of precious metals sold to the National Bank of Ukraine.

In case of payment of the income for handed over (sold) taxpayer scrap of ferrous and/or precious metals person who buys it, it is considered the tax agent and shall hold tax on the sum of such payment for rate determined by this Section".

With respect thereto to consider subitem 164.2.18 subitem 164.2.19.

3. In Item 165.1 of Article 165:

add subitem 165.1.2 with the words "and on debt obligations of the National Bank of Ukraine";

state subitem 165.1.25 in such edition:

"165.1.25. The income amount received by the taxpayer for handed over (sold) it secondary raw materials and household waste, for the scrap of precious metals sold to the National Bank of Ukraine".

4. In subitem 196.1.4 of Item 196.1 of Article 196 of the word "addresses of currency values (including national and foreign currency), bank metals, banknotes and coins of the National Bank of Ukraine, except for those which are used for the purposes of numismatists whose taxation basis is selling cost" shall be replaced with words "addresses of bank metals, other currency values (except banknotes and coins which are used for the purposes of numismatists, and also foreign coins from precious metals which taxation basis is selling cost)".

5. Add Article 197 with subitem 197.19 of such content:

"197.19. Are exempted from the transaction taxation on delivery to the National Bank of Ukraine:

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