Ukraine grants partial tax exemption for aircraft builders
Xinhua, December 22, 2016 Adjust font size:
The Ukrainian parliament on Wednesday passed a law, exempting aircraft construction companies from several taxes for the next eight years.
According to the document posted on the parliament's website, aircraft factories will be exempted from paying the income tax, the value added tax on imports and the tax on the land use, which will allow them to save up to 86 million U.S. dollars by 2025.
The aircraft construction companies will be obliged to use the saved funds for the development of their production and the introduction of new technologies.
The main aim of the program, which will start on Jan. 1 next year, is to boost the competitiveness of Ukraine-made aircraft on the global market.
Ukraine's aviation and space industry, which unites 15 companies, last year has earned 856 million dollars from production and repair of aerial vehicles and equipment, with revenues rising 20.5 percent year-on-year. Endit