Roundtable participants issued address on implementation of legislation on fuel operations from July 1, 2019

Verkhovna Rada of Ukraine adopted the Law of Ukraine on November 23, 2018 “On Amendments Introduction to the Tax Code of Ukraine and Some Regulations of Ukraine for Improvement of Administration and Revision of Rates of Some Taxes and Duties” No. 2628-VIII (hereinafter – Law No. 2628) which changes drastically principles and system of fuel trade excise tax administration.

Roundtable participants representing well established sectoral associations and leading state companies of mining and processing industries, power generation, agricultural producers, automotive, railway and air transportation emphasized that large-scale negative implications may arise for economy and real economy may be effected by significant risks due to the new mechanisms of control over turnover and accounting of fuel for the fuel end-users within the period set by the law.

The mentioned risks produce serious prerequisites for the companies of power generation, metallurgy, chemical, transportation and agricultural sectors to halt their economic activities from July 1, 2019 which will have detrimental effect on the overall economy of Ukraine thus menacing economic security of Ukraine.

The roundtable resulted into address to the President, Parliament, Prime Minister, National Security and Defense Council requesting to scrutinize and reverse the above processes.