The Verkhovna Rada adopted as a whole the Law "On the Development of the Automotive Industry of Ukraine," developed by Ye. Karmazin, V. Gurov, N. Rudkovsky and others. 231 people's deputies voted "for." \nas reported by a LIGABiznesInform correspondent, this Law of Ukraine is aimed at bringing national legislation into compliance with the requirements of GATT/WTO and the Partnership and Cooperation Agreement between Ukraine and the European Union, as well as at protecting the domestic automobile market and establishing additional sources of budget revenue. \nIt is envisaged to establish a preferential taxation regime for enterprises in the automotive industry that have an approved program for creating production capacities and jobs in accordance with the established procedure. The preferential regime to be established will differ from the scope of benefits currently granted to automotive industry enterprises by the Law "On Stimulating the Production of Automobiles in Ukraine." \nIt is envisaged that until December 31, 2008, enterprises producing automobiles, motorcycles, components and spare parts will be exempt from profit tax, provided they reinvest profits in the development of their own production. The exemption will apply exclusively to the portion of profit reinvested in the development of their own production. \nIt is also envisaged that enterprises producing automobiles, motorcycles and components will not pay import duty until December 31, 2008, when importing goods and components used by them for the production of automobiles, motorcycles and spare parts (whose country of origin is Ukraine), as well as for construction, reconstruction, technical equipping and re-equipping of production capacities, and the creation and modernization of production facilities. \nThat is, import duty will not be levied on imported components for automobiles in which the value of Ukrainian materials used exceeds 50% of their total value, as well as if certain technological operations are performed during the assembly of such an automobile. \n \n \n
The Law 'On the Development of the Automobile Industry of Ukraine' has been adopted.
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