Author: Paul Ploumis
02 Apr 2015 Last updated at 03:46:16 GMT
MOSCOW (Scrap Monster): The Ukranian government has decided on extending the VAT exemption on imports of wide range of ferrous and non-ferrous scrap metal. The Cabinet of Ministers of Ukraine has now decided to extend the extension until January 1, 2017.
The country vide Cabinet Resolution No 15 of January 12, 2011 had exempted scrap metal transactions, particularly imports, from value added tax (VAT) for a two year period from 2011 to 2013. Later, the Ukraine government had amended the Resolution No 15, through a Cabinet Resolution No 43 dated Feb 5th, 2014, whereby VAT exemption on scrap metal transactions were extended for 2014. The latest Cabinet Resolution No 136 presented on March 25th, 2015 amends the basic resolution by extending the exemptions until 2016.
The list of items exempted from VAT includes scrap cast iron, stainless steel, alloyed steel and ferrous scrap metal. Also, non-ferrous scrap metals including scrap zinc, copper, copper alloys, plain nickel, nickel alloys, scrap aluminum, zinc and tin, tungsten, molybdenum, tantalum and raw magnesium are also exempt from VAT. The list also includes scrap magnesium, magnesium powder, scrap cobalt, bismuth, cadmium, titanium, zirconium, manganese, beryllium, chromium, germanium, vanadium, thallium, and ceramic-metal.
The government’s decision was welcomed by participants of metal industry in the country.