On 28 December 2014 Ukrainian Parliament adopted the Law of Ukraine No73-VIII "On Measures on Stabilizing the Balance of Payments of Ukraine According to Article ХІІ of GATT 1994" (based on the draft law №1562) and the Law of Ukraine No74-VIII "On Amendments to the Customs Code of Ukraine on Stabilizing the Balance of Payments" (based on the draft law No 1563) (the Laws). The Laws have been signed by the President of Ukraine on 31 December 2014.

The Laws introduce significant changes to the Tax Code of Ukraine and to the Customs Code of Ukraine. However, the changes do not come into effect immediately, but only after publication of respective decision of Cabinet of Minister of Ukraine on completion of negotiations with international financial organizations.

The most significant changes are outlined below:

  1. new import duty is temporarily introduced for the 12 month period (ie as a specific type of customs duty)
  2. rates of new import duty are as follows:
    • 10% for goods of 1-24 groups of Unified Ukrainian customs nomenclature (UUCN)
    • 5% for goods of 25-97 groups of UUCN
    • 10% for of goods which are subjected to customs duty under article 374 of the Customs Code of Ukraine.
  3. exception from the new import duty is set for some 'vital goods', such as:
    • oil, natural gas, nuclear fuel elements, energy, coal, petroleum
    • pharmaceutical products/ingredients classified under groups 28, 29 and 30 UUCN, exact list of which is approved by the Cabinet of Ministers of Ukraine
    • and some others.