LAW OF UKRAINE

of February 23, 1996 No. 65/96-BP

About some questions of currency control and taxation of subjects of the experimental economic zone "Sivash"

1. Determine that raw materials, materials, the equipment and devices (except excise goods) which are imported into Ukraine for self-produced needs by subjects of the experimental economic zone "Sivash", are not subject to taxation by import customs duty and the value added tax.

2. The tax amount on profit added according to the legislation the companies - subjects of the experimental economic zone "Sivash", decreases by 50 percent in case of use of the amount on which the income tax, decreases by implementation of investment projects within this zone.

3. Receipts in foreign currency for benefit of subjects of the experimental economic zone "Sivash" are not subject to obligatory sale in the interbank foreign exchange market in case of use of released currency funds for needs of development of this zone.

4. Subjects of the experimental economic zone "Sivash" are the subjects of business activity registered according to the current legislation in the territory of the experimental economic zone "Sivash" which realize the investment projects approved by the Cabinet of Ministers of Ukraine within this zone when conducting local economic experiment.

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