News
26.05.2009
Parliament exempted biofuel producers from taxes for 10 years
Ukraine’s Verkhovna Rada exempted producer profits gained from biofuel production and sales from taxes for 10 years.
234 parliamentarians voted for corresponding amendments to a number of laws “On Promoting Production and Use of Biological Fuels” #1114.
According to the law, biofuel producer profits gained from biofuel sales are exempt from taxation for 10 years beginning from January 1, 2010. In addition, Parliament canceled taxes on profits of enterprises operating with simultaneous generation of electrical and heat energies or generation of heat energy using biofuel. The same benefit was granted to
manufacturers of machinery and equipment for biofuel production.
Also, applying a bonus amortization rate to new capital assets of enterprises is permitted until January 1, 2019. A zero excise duty rate is stipulated for ethyl alcohol used by producers for making bioethanol and biodiesel.
Please remember that the Cabinet of Ministers of Ukraine had approved a Concept of the State targeted research & development program “Development of production and use of biological fuels” before.
