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Government To Cancel VAT On Gas Imports In 2007

Government To Cancel VAT On Gas Imports In 2007

21 November 2008

According to Fuel and Energy Minister Yurii Boiko, the version of the 2007 Budget being put forward by the government will impose zero VAT on imports of natural gas next year. Vladimir Nesterenko: This is positive news for Ukrainian gas-intensive industries, in particular for producers of nitrogen fertilizers, for which gas will account for more than 60% of their total production cost after the 2007 gas price hike. Nitrogen fertilizer producers are net exporters and, similar to many Ukrainian exporters, were facing difficulties with the redemption of VAT. The Cabinet’s initiative, if voted for by the Rada, will reduce the companies’ working capital gap and support their bottom lines through smaller financing needs.

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