LAW OF UKRAINE

of September 17, 2015 No. 702-VIII

About modification of the Section XX "Transitional provisions" of the Tax code of Ukraine concerning features of the taxation when restructuring of the state and guaranteed by the state debt and its write-off

The Verkhovna Rada of Ukraine decides:

I. Subsection 4 of the Section XX "Transitional provisions" of the Tax code of Ukraine (2011, No. No. 13-17, of the Art. 112) to add sheets of the Verkhovna Rada of Ukraine with Items 36 and 37 of the following content:

"36. The financial result to the taxation decreases by the amount of the income arising at taxpayers who are debtors (borrowers) on external credits (loans) attracted under the state guarantees which servicing and repayment is performed at the expense of means of the Government budget of Ukraine, according to the list determined by the Cabinet of Ministers of Ukraine as a result of implementation of the transactions specified in Item 14 of the Section "Final provisions" of the Law of Ukraine "About the Government budget of Ukraine for 2015".

The financial result to the taxation increases by expense amount, arising at the taxpayers specified in paragraph one of this Item by accounting rules in case of write-off of hopeless receivables for the delivered goods (works, services), the means of the Government budget of Ukraine which are subject to payment for the account. Such increase in financial result up to the taxation happens in the amount of, not exceeding amount of the income specified in paragraph one of this Item.

37. The income of nonresidents with origin source from Ukraine on transactions on placement to nonresidents of the state derivatives and the income paid to nonresidents on the state derivatives in accordance with the terms of the transactions with public debt on the state external borrowings and the debt guaranteed by the state approved by the Cabinet of Ministers of Ukraine is not subject to the taxation".

II. Final provisions

1. This Law becomes effective from the date of, its publication following behind day.

2. To the Cabinet of Ministers of Ukraine within three months from the date of entry into force of this Law:

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