Ukraine Approves Revision Of Import Tariff Rate Of Light Industrial Products

Ukrainian New Times News Agency reported on November 18 that the government approved the amendment on tariff to unify the import tax rate of light industrial products. The Ministry of Finance pointed out that the bill provides for the revision of import tariff rate of light industrial products, so as to speed up the customs clearance and promote the development of light industry. The approved Act provides that:

——For raw materials not produced in Ukraine: yarn, fiber and thread, the import tariff rate is determined as preferential tax rate of 0%;

——The tariff rate of finished products of fabrics, felt, felt, woven net, string and rope is determined as preferential tax rate of 1-8%;

——We will raise the import tariff rate to 10% for light industrial products with a tax rate lower than 10%.

The Ministry of Finance believes that this practice will help to simplify foreign economic activities and promote the development of light industry in Ukraine in the near future.