On 25 December 2014 the Parliament of Ukraine passed in the first reading draft Law “On Stabilization of the Balance of Payments according to Article XII of the GATT 1994”.
The draft introduces a temporary – for 12 months starting 1 January 2015 – additional import duties on a number of imported goods:
- 10% – for the goods’ of groups 1-14 of the Ukrainian UKTZED nomenclature (which substantively corresponds to the HS Classification);
- 5% – for UKTZED groups 25-97; and
- 10% – for all goods imported by individuals.
These additional import duties will not apply to strategically important products such as fuel, gas, electricity, etc.
The draft law is aimed at reacting to the negative balance of payments, significant reduction of the National Bank reserves and the need to increase revenues of the State Budget of Ukraine.
We continue monitoring the progress of this draft law and will follow up upon on any further developments.