The Verkhovna Rada intends to amend the Tax Code of Ukraine to support culture, tourism and creative industries.
Some 273 MPs voted in favor of bill No. 3851 at first reading.
According to an explanatory note to the bill, the document proposes to introduce tax mechanisms to provide state support to the spheres of culture, tourism and creative industries in order to prevent their stagnation, preserve and create new jobs.
The bill, in particular, proposes not to tax corporate profits, income of individuals, and a single income tax in the form of a cultural grant.
According to the bill, a cultural grant means “targeted assistance in the form of funds or property, which are provided on a free and irrevocable basis at the expense of the national and/or local budgets, international technical assistance for the implementation of a project or a program in the fields of culture, tourism and creative industries.
In addition, in terms of value added tax, it is proposed not to tax operations on import into the customs territory of Ukraine (import of goods) that are part of the national cinematic heritage.
It is also proposed not to tax certain operations for the supply of national films until January 1, 2025, and from January 1, 2023 to January 1, 2025, not to tax operations on the supply of services for the demonstration, distribution and screening of national films and foreign films that are dubbed, voiced in the state language on the territory of Ukraine, provided that such films are adapted, in accordance with the legislation, in the Ukrainian language version for persons with visual and hearing impairments.
BENEFITS, CREATIVE INDUSTRIES, CULTURE, SUPPORT, TAX, TOURISM
In January-August 2020 Ukraine reduced electricity export revenues by 18.3% (by $43.883 million) compared to the same period in 2019, to $196.325 million, in particular electricity was supplied at $7.66 million in August.
According to the State Customs Service, in the first eight months of this year electricity was exported to Hungary at $92.2 million, Poland for $56.586 million, Romania for $35.811 million and other countries for $11.728 million.
In addition, in January-August Ukraine imported electricity at the value of $111.340 million (at $1.336 million in August), including from Slovakia at $53.07 million, Hungary at $36.921 million, Belarus at $10.479 million and other countries at $10.87 million.
As reported, in 2019 Ukraine increased its electricity export revenue by 14.1% (by $46.825 million) compared to 2018, to $378.767 million, including $231.359 million for electricity export to Hungary, $84.584 million for export to Poland, $41.683 million for export to Moldova and $21.141 million for export to other countries.
In addition, in 2019 Ukraine electricity imports accounted for $121.401 million, including $43.115 million import value from Belarus, $36.336 million from Slovakia, $26.485 million from Hungary and $15.465 million from other countries.
In physical terms, in 2019 Ukraine’s electricity exports increased by 4.9% (by 303.6 million kWh) compared to 2018, to 6.469 billion kWh, and electricity imports amounted to 2.698 billion kWh.
President of Ukraine Volodymyr Zelensky expects that Austrian companies will participate in tenders for the concession of Ukrainian seaports and the privatization of state-owned banks, and also invites them to introduce their experience, technologies and invest in large projects in Ukraine.
“I will be glad to welcome the participation of Austria in tenders for the concession of seaports and the privatization of state-owned banks in Ukraine,” he said at a joint briefing with Austrian President Alexander Van der Bellen in Vienna on Tuesday.
Zelensky also said that as part of his visit, he would invite Austrian companies to introduce experience, technologies and investments in large projects in Ukraine: the construction of new highways, tunnels, ski infrastructure, energy, waste processing and many other areas.
In addition, he invited the Austrians to visit the tourist places of attraction of Ukraine and join the process of restoring cultural heritage sites.
The president said that Austria is the sixth largest investor in the Ukrainian economy. “Austrian capital is represented in our banking and insurance sector, woodworking industry, sports goods,” he said.
National bank of Ukraine’s official rates as of 15/09/20
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of September 15
One troy ounce=31.10 grams
NPC Ukrenergo and Hungary’s power transmission system operator Mavir ZRt first signed an emergency power exchange agreement.
The press service of Ukrenergo reported that the agreement would allow the two operators to supply electricity to their areas of power supply and frequency regulation to prevent emergency or remove its consequences in power systems.
“The largest capacity of emergency assistance is up to 200 MW. The amount of emergency assistance can be increased to more than 200 MW by mutual agreement of the parties, if there are adequate technical capabilities, available reserves and available inter-zone capacity. The capacity for emergency assistance is not reserved in advance,” the company said.
The company said that agreements on emergency energy exchanges with neighboring countries are prescribed by ENTSO-E’s general rules to create additional reserve mechanisms to enhance the reliability of power systems during synchronous operation of the Burshtyn TPP Island and ENTSO-E.
As reported, in August 2019, Ukrenergo and Poland’s Polskie Sieci Elektroenergetyczne (PSE) signed the emergency power exchange agreement.
