LAW OF UKRAINE

of February 23, 2012 No. 4453-VI

About modification of subsection 4 of the Section XX "Transitional provisions" of the Tax code of Ukraine concerning features of collection of the income tax

The Verkhovna Rada of Ukraine decides:

І. Bring in subsection 4 of the Section XX "Transitional provisions" of the Tax code of Ukraine (Sheets of the Verkhovna Rada of Ukraine, 2011, Art. No. No. 13-17, 112) such changes:

1. To state the subitem "v" of Item 17 in such edition:

"c) the profit got from the main activities of the companies of industry of power industry (class 40.11 group 40 KVED of recreation center 009:2005) which make electrical energy only from renewable energy resources".

2. State Item 21 in such edition:

"21. Items 15-19 of this subsection are applied taking into account it:

the amounts of released means (tax amounts which as a result of application of Items 15-19 of this subsection are not paid in the budget and remain at the disposal of the taxpayer) go such payer for creation or retrofitting of material and technical resources, increase in production volume (provision of services), implementation of the latest technologies and/or return of the credits (including received about day of the introduction in action of this Code) used on the specified purposes, and interest payment on them. At the same time if the taxpayer for the loan repayment used on the specified purposes, and interest payment on them obtains the credit (credits) of refinancing, then for the purposes of this Item only the amounts which are paid by the payer on the credit (credits) of refinancing are considered;

the specified directions of use of means shall be connected with activities of the taxpayer, the profit (income) from which is exempted from the taxation;

for the purpose of the taxation of the amount of released means are recognized the income along with recognition of the expenses incurred at the expense of these means in the amount of such expenses;

the procedure for target use of the amounts of released means is established by the Cabinet of Ministers of Ukraine;

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