LAW OF UKRAINE

of November 4, 2020 No. 962-IX

About introduction of amendments to the Tax Code of Ukraine of rather state support of culture, tourism and the creative industries

The Verkhovna Rada of Ukraine decides:

I. Bring in the Tax code of Ukraine (Sheets of the Verkhovna Rada of Ukraine, 2011, Art. No. No. 13-17, 112) the following changes:

1. To add Item 14.1 of Article 14 with subitem 14.1.277-1 of the following content:

"14.1.277-1. budget grant - the target help in type of money or property which are provided on non-paid and irretrievable basis at the expense of means state and/or local budgets, the international technical assistance for project implementation or the program in spheres of culture, tourism and in the sector of the creative industries, sport and other humanitarian spheres according to the procedure established by the law. The list of suppliers of budget grants determines the Cabinet of Ministers of Ukraine".

2. In paragraphs eight and the ninth subitem 134.1.1 of Item 134.1 of Article 134 of the word" (except negative value of the taxation object of last tax (reporting) years)" shall be replaced with words also in figures "(except negative value of the taxation object of the last tax (reporting) years and adjustments determined by subitem 140.4.8 of Item 140.4 and subitem 140.5.16 of Item 140.5 of article 140 of this Code)".

3. In Article 140:

add Item 140.4 with subitem 140.4.8 of such content:

"140.4.8. on the amount of the budget grants received by the taxpayer and included in structure of the income of the accounting period according to national provisions (standards) of financial accounting or international accounting standards";

add Item 140.5 with subitem 140.5.16 of such content:

"140.5.16. on expense amount, the terms of the contract connected with accomplishment about provision of budget grant suffered in the current accounting period at the expense of such grants (but there is no more amount of such grants) and included in the expenses of the current accounting period according to national provisions (standards) of financial accounting or international accounting standards".

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