In Ukraine, the equipment intended for large investment projects is free from entry tax until January 1, 2035. This step will allow Ukraine to attract foreign investments. It was announced by the Prime Minister of Ukraine Denys Shmygal during the ‘Ukraine 30’ forum.
“The most important step towards Ukraine's investment attractiveness is the introduction of tax incentives for investment projects. According to the law on significant investments (better known as ‘investment nanny’), the equipment that is imported to Ukraine for the implementation of large investment projects will be exempt from entry tax until January 1, 2035,” Shmygal said.
According to the Prime Minister, tax incentives will help in modernizing basic assets. Consequently, that will strengthen the competitiveness of products that are produced in Ukraine.
At the same time, Shmygal emphasized that this initiative is embedded in the vector of Ukraine's national economic strategy until 2030.
As it was reported earlier, the Verkhovna Rada supported in the first reading bill #5090 that provides changes to the Budget Code in order to attract private investments. The bill includes the right to make long-term commitments in public-private partnership.