On July 1, Ukraine will return previously cancelled customs duties, excise taxes and 20% VAT on imported goods. In particular, we are talking about the import of cars by citizens.
Such norms are stated in the government bill #7418, which was adopted by the Verkhovna Rada on June 21. Currently the document is being signed by the president, and its main rules will come into force on July 1.
The law resumes the taxation, which was canceled in March:
for goods imported by single tax payers of the first, second and third group;
for businesses that do not pay import duty;
for vehicles imported by citizens;
At the same time, the document exempts from paying the fee to the Pension Fund passenger cars equipped exclusively with electric motors (one or more).
Reasons for tax return
The government filed a bill to reintroduce import taxes at the end of May. According to estimates of the Cabinet of Ministers, by that time 119 thousand cars were imported, the tax credit amounted to 13 billion hryvnia, i.e. about 110 thousand hryvnia per car.
By July 1, a total of 240 thousand cars will have been imported without duties. In recent days there have been huge queues at the border checkpoints.
In addition, the privileges deprived the budget of 3.5 billion hryvnias of customs payments from enterprises and FOPs. Minister of Finance Sergiy Marchenko has repeatedly called for putting everything back on import taxes.
Abolition of the list of critical imports
The NBU believes that the law on the restoration of taxes on imported goods creates grounds for cancelling the list of critical imported goods, which has been in place since the start of the Russian invasion.
The list of critical imports was revised upwards 18 times. Today it contains about 90% of all product categories.
The NBU believes that the reinstatement of duties and taxes on imports of goods and services is an important step towards the return of the foreign exchange market's ability to self-balance. In particular, it will support the further recovery of production in Ukraine and will limit the growth rate of imports, which presses on the currency market, and international reserves of Ukraine.
In addition, monthly budget revenues will increase. According to the Ministry of Economy, they will increase by 3.5 billion hryvnias per month.