The law on amendments to the Tax Code of Ukraine for exemption from taxation the procedure of unbundling of the National Joint Stock Company Naftogaz of Ukraine entered into force. The law exempts from VAT a number of operations during the unbundling of the gas transmission system (GTS). The bill was published in the Holos Ukrainy on Tuesday, December 10.
The law shall enter into force on the day following the day of publication, that is, on December 11.
To the law, all operations on transfer from the tax payer’s balance to the balance of another legal entity of the property, that is in state ownership as part of gas pipelines – as well as objects and structures connected by a single technological process – are exempted from VAT in order to fulfill the obligations to separate the GTS operator until 2021.
The law provides that the installation of the cash method for determining the date of occurrence of tax liabilities and tax credit for property supply / acquisition transactions is postponed until 2022.
The exception from the definition of the supply of goods of the operations for the provision (transfer) and return of natural gas, used to provide natural gas transportation activities through gas pipelines, if these operations are carried out with the aim of separating the GTS operator, is deferred until 2021.
Orzhel: Naftogaz unbundling to complete by December 26.
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