LAW OF UKRAINE

of December 20, 2016 No. 1795-VIII

About modification of the Section XX "Transitional provisions" of the Tax code of Ukraine concerning support of aircraft constructing industry

The Verkhovna Rada of Ukraine decides:

I. Make to 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) the following changes:

1. Add subsection 2 with Item 4-1 of the following content:

"4-1. Temporarily, till January 1, 2025, the subjects of aircraft construction falling under action of regulations of article 2 of the Law of Ukraine "About development of the aircraft constructing industry" are exempted from taxation on value added on transactions relatively:

import to customs area of Ukraine in customs regime of commodity import (except excisable) which are used for needs of the aircraft constructing industry if such goods are exempted from the taxation by import duty according to the subitem 13 of item 4 of the Section XXI "Final and transitional provisions" of the Customs code of Ukraine;

deliveries to customs area of Ukraine of results of research and development works which are carried out for needs of the aircraft constructing industry.

During the established transaction period selling products (services) made by the specified companies at the expense of means of the Government budget of Ukraine are assessed with the value added tax on zero rate.

In case of violation of the requirements established by this subsection to taxpayers - subjects of aircraft construction regulations of the Section II of this Code are applied".

2. Add subsection 4 with Item of 41 following contents:

"41. Temporarily, till January 1, 2025, the profit of the companies subjects of aircraft construction which fall under action of regulations of article 2 of the Law of Ukraine "About development of the aircraft constructing industry" is exempted from the taxation and perform development and/or production with final assembly of aircraft and engines to them.

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