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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of May 12, 2010 No. 368

About bond issue of internal state loan for compensation of tax amounts on value added

According to article 25 of the Law of Ukraine "About the Government budget of Ukraine for 2010" the Cabinet of Ministers of Ukraine decides:

1. Perform bond issue of internal state loan with circulation period five years for compensation of tax amounts on value added which in the procedure established by the legislation are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010".

2. Approve applied:

The main conditions of bond issue of internal state loan for compensation of tax amounts on value added;

Procedure for release, the address, bond redemption of internal state loan with circulation period five years.

3. Provide to State Tax Administration provision:

1) to the Ministry of Finance:

till June 1, 2010 - materials of inventory count of compensation of tax amounts on value added which are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010", for determination of forecast amount of bond issue of internal state loan;

the taxpayers of registers of inventory count of taxpayers constituted based on statements whose tax amounts on value added are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated for date entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010", for approval them within June, 2010;

2) to the State Treasury - noted registers in two-day time after approval by their Ministry of Finance;

3) to bodies of the State Treasury for place of registration of the taxpayer on value added - the conclusions of bodies of the State Tax Service in place of registration of taxpayers on value added with indication of tax amount which is subject to compensation from the government budget according to noted registers, in two-day time after approval of such registers by the Ministry of Finance.

4. To provide to bodies of the State Tax Service for place of registration of the taxpayer on value added within five working days after approval of registers of inventory count of taxpayers by the Ministry of Finance whose tax amounts on value added are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010", representation to taxpayers on statement value added from registers.

5. To the Ministry of Finance:

act as bond issuing institution of internal state loan with circulation period five years issued according to the Main conditions and the Procedure approved by this resolution for compensation of tax amounts on value added which are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010";

provide annually in time of creation of the draft of the Government budget of Ukraine for the corresponding year of means, necessary for servicing and bond redemption of internal state loan, issued for compensation of tax amounts on value added which are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated for date entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010".

6. Take into consideration that the National Bank will act as the general agent on servicing of the address, payments of the income and to bond redemption of internal state loan with circulation period five years issued for compensation of the tax amounts on value added declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010" and will open for the State Treasury the account in securities.

 

Prime Minister of Ukraine N. Azarov

Approved by the resolution of the Cabinet of Ministers of Ukraine of May 12, 2010 No. 368

The main conditions of bond issue of internal state loan for compensation of tax amounts on value added

Domestic government bonds with circulation period five years issued for compensation of tax amounts on value added which are declared to compensation till May 1, 2010, confirmed on results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010" are medium-term depreciation domestic government bonds (further - bonds).

Nominal bond value makes 1 thousand hryvnias.

Circulation period of bonds - five years.

The total amount of issue is determined by the Ministry of Finance according to the registers of inventory count of taxpayers approved by it which tax amounts on value added are declared to compensation till May 1, 2010, confirmed by results of checks and not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2010".

Bond redemption is performed by carrying out every half-year payments for repayment of the main amount of debt in the amount of 10 percent of nominal bond value. The difference between nominal bond value and total amount of payments for repayment of the main amount of debt constitutes depreciation bond value.

Bonds have coupons. The coupon period constitutes six months.

The return rate on bonds is established at the annual interest rate 5,5 level.

Charge of the income on bonds is performed every half-year during the term of turnover of securities proceeding from their depreciation cost along with carrying out payment of the income.

Repayment of the main amount of debt and payment of the income for bonds are performed in non-cash form for the date determined according to issue conditions. In case when date falls on the day off, repayment and payment are performed the next working afternoon.

Bonds are issued in paperless form.

Repayment of the main amount of debt and payment of the income for bonds are performed according to regulatory legal acts of National Bank concerning depository activity with government securities and budget settings according to the budget legislation.

These Main conditions are public offer to taxpayers concerning registration of compensation of the amounts from the value added tax.

 

Approved by the resolution of the Cabinet of Ministers of Ukraine of May 12, 2010 No. 368

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