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Ukraine promises tax incentives for manufacture and usage of biofuel
The Ukrainian Parliament has amended a number of tax and regulatory laws to favour the development of biofuel industry. The key change is that with effect from 20 June 2009 state monopoly for production of bioethanol is cancelled and now private businesses are allowed to produce bioethanol subject to the license. Magisters, the Ukraine member of the Taxand network, details the tax incentives and how they will be applied.
By December 2009 the Cabinet of Ministers of Ukraine is obliged to develop relevant regulations which should support implementation of measures prescribed in the law. However investors should be aware that there's been numerous cases in the past where tax incetives have been cancelled prematurely.
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