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Yuschenko signs law on support for production and use of biofuel
Kyiv, June 17 (Interfax-Ukraine) - Producers and users of the biofuel will be granted significant tax privileges in Ukraine under a new law signed on Tuesday by President of Ukraine Viktor Yuschenko, according to a posting on the official Web site of the president.
According to the law, which is to come into force when it is published, excise duty on the production of biofuel and bio-ethanol will be zero, with the exception of some tax provisions, which will come into effect from January 1, 2010
In addition, a zero rate will be applied until January 1, 2014 to calculate the excise duty on the biological component in mixed types of motor fuels, and for crude ethyl alcohol used for production of bio-ethanol, which is a component in biofuel production.
The law exempts from taxation from January 1, 2019 the import of machinery and equipment for the reconstruction of existing and building new enterprises for the production of biofuel and for the manufacture and reconstruction of equipment used to produce biofuel.
The same privileges will be applied to the import of equipment and means of transport, including agricultural machinery working on biofuel. In addition, according to the law, the profit raised from the sale of biofuel shall be exempt from taxation for 10 years (starting from January 2010) as will the profit from activities to simultaneously produce electrical and heat energy.
According to the law, privileges on the payment of income tax will be granted to individuals that recondition their vehicles so that they can operate on mixed petroleum, bio-ethanol, bio-diesel, or compressed or liquid gas.
At the same time, the document introduces licensing of the production, storage and sale of liquid biofuel made from biomass and biogas.
Date: 03.08.2009 Comments:Leave your comment
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Fell out of bed feeling down. This has birghetned my day!
Fell out of bed feeling down. This has birghetned my day!, 28.08.2011 11:44:38