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President Poroshenko signs law on family farm corporations into law

Source : 112 Ukraine

From now on, a family farm corporation may be created without the need to set up a business
14:20, 14 August 2018

Open source

The President of Ukraine Petro Poroshenko has signed the law on stimulating the creation and operation of family farm corporations. The press service of the President has informed about this, 112.ua reports

The law will grant an official status to farmers working on their own land, which would allow them to sell their products to get protection from the state and to get retirement payments.

 

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“The changes entail the application of the fourth group of self-employed taxpayer deduction to those entrepreneurs who have set up a farm, given that all other criteria are in accordance and the peculiarities of their state registration are set up”, - the message reads. The document enables the creation of a family farm corporation without a business status on the basis of an agreement/declaration of intent to create such a corporation.

The document also includes a provision on the setting of a state assistance in payment of the unified social tax (from 10% to 90% of the minimum social contribution) for each of the members of the family farm corporation for 10 years. The payments will occur against the funds from the state budget of Ukraine through the mechanism of an extra payment of the unified social tax to the benefit of the insured employees of the family farm corporation.

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The signed document amends the Tax Code of Ukraine and the laws "On farming corporations”, “On the state support for agricultural corporations of Ukraine”, “On the collection and registration of the unified social tax for mandatory social insurance”, “On the state registration of businesses, self-employed entrepreneurs and civil organizations”.

In June of this year, the Ukrainian Parliament adopted law #6490 on the stimulation of the creation and operation of family farm corporations. The law was backed by 229 lawmakers.

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