Farmers switched to a common system of taxation

Photo by: Latifundist.com

Farmers switched to a common system of taxation, which is a result of the implementation of Law №5132 «On Amendments to the Tax Code of Ukraine concerning the budget revenue balance in 2017». This was reported by AgroPolit.com.

It is established that from January 1, the allocation of budget subsidies is carried out in the amount of not more than 150 million USD per year to agricultural producers, taking into account associated with commodity producer entities.

Note that the law abolishes the special regime of VAT and launches direct budget subsidies for farmers. They also recorded that over the next 5 years the annual amount of aid for agriculture should not be less than 1% of output in agriculture.

The project «Tax Agrokontrol» Latifundist.com is monitoring the situation around the VAT and sharing with you the latest news.