RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of May 21, 2014 No. 139

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

According to article 24 of the Law of Ukraine "About the Government budget of Ukraine for 2014" and Item 23 of subsection 10 of the Section XX "Transitional provisions" of the Tax code of Ukraine 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 to payers whose tax amounts are declared to compensation till January 1, 2014 are not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2014" and are confirmed by results of checks (further - bonds).

2. Approve enclosed:

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 for compensation of tax amounts on value added.

3. To provide to the ministry of the income and charges representation:

1) to the Ministry of Finance:

in two weeks - materials of inventory count of the tax amounts on value added declared to compensation till January 1, 2014, not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2014" for preparation of the draft of the act of the Cabinet of Ministers of Ukraine concerning bond issue limiting establishment of amount;

in two-month time - the taxpayers constituted based on statements for registration of compensation of tax amounts on value added bonds of registers of inventory count of the tax amounts on value added declared to compensation till January 1, 2014, not compensated on the date of entry into force of the specified Law and confirmed by results of checks (further - registers), for their approval;

2) to the Public treasurer service - registers in two-day time after approval by their Ministry of Finance;

3) to bodies of the Public treasurer service for place of registration of taxpayers on value added - the conclusions of relevant organs of the income and charges with indication of tax amount which compensation is subject to registration to bonds according to registers, in two-day time after approval by their Ministry of Finance.

4. In place of registration of taxpayers on value added to provide to bodies of the income and charges within five working days after approval by the Ministry of Finance of registers of representation of the statement to taxpayers from registers signed by the head (deputy manager) of relevant organ of the income and charges.

5. To the Ministry of Finance:

provide representation to the Cabinet of Ministers of Ukraine of the draft of the act of limiting establishment of amount of bond issue within 10 working days after receipt from the Ministry of the income and charges of the materials of inventory count specified in the subitem 1 of Item 3 of this resolution;

act as bond issuing institution;

provide annually in case of creation of the draft of the Government budget of Ukraine the means necessary for servicing and bond redemption.

6. Take into consideration that the National Bank is general agent on placement, servicing of the address, payment of the income and bond redemption.

Approved by the Resolution of the Cabinet of Ministers of Ukraine of May 21, 2014 No. 139

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

1. Domestic government bonds for compensation of tax amounts on value added to payers whose tax amounts are declared to compensation till January 1, 2014 are not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2014" and are confirmed by results of checks, are medium-term government bonds (further - bonds).

2. Nominal value of the bond makes 1000 hryvnias.

Circulation period of bonds - five years.

3. The Ministry of Finance determines bond issue amount proceeding from approved by the specified Ministry of the registers of inventory count of the tax amounts on value added declared to compensation till January 1, 2014, not compensated on the date of entry into force of the Law of Ukraine "About the Government budget of Ukraine for 2014" and confirmed in case of results of checks within the limiting amount established by the Cabinet of Ministers of Ukraine.

4. Bonds have coupons. The coupon period constitutes six months.

5. The return rate on bonds is established at the level of discount rate of National Bank on the date of entry into force of these Main conditions.

6. Gradual repayment of the main amount of debt on bonds is performed by carrying out each six months during circulation period of bonds of payments in the amount of 10 percent of nominal value of the bond. The difference between nominal value of the bond and total amount of payments of gradual repayment of the main amount of debt constitutes depreciation bond value.

7. Charge of interest income on bonds is performed each six months during circulation period of bonds proceeding from their depreciation cost along with carrying out payment of the income proceeding from the actual number of days in the coupon period.

8. Gradual repayment of the main amount of debt and payment of interest income for bonds are performed at the same time in non-cash form for the date determined in the global certificate according to placement conditions. If such date falls on the day off, repayment and payment are performed the next working day.

9. Bonds are issued in paperless form in the form of entries on accounts in securities in National Bank. Each bond issue is drawn up by the global certificate. The global certificate is stored in National Bank.

10. The right of possession bonds makes sure for:

clients of National Bank - certificates of condition of their accounts in securities, the issued National Bank;

depositors of clients of National Bank - the statements from their accounts in securities certified by the signature of the official and under seal the client of National Bank.

11. Payments from gradual repayment of the main amount of debt and payment of interest income for bonds are performed in non-cash form:

to clients of National Bank - National Bank within the means arriving from Treasury according to the register which is kept by National Bank;

to legal entities and physical persons which are depositors of clients of National Bank, - clients of National Bank within the means arriving from National Bank according to account registers of owners at clients of National Bank.

12. These Main conditions are public offer to taxpayers on value added on registration of compensation of its amounts bonds.

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