Ukraine’s parliament, the Verkhovna Rada, has taken a significant step toward attracting foreign industrial investment by passing the first reading of two legislative bills. These bills, designated as No. 13414 and No. 13515, aim to amend the Customs Code and Tax Code to introduce a preferential regime for industrial investment through tax incentives. The proposed changes are expected to create a more favorable business environment, encouraging both domestic and international investors to contribute to Ukraine’s industrial sector.
Bill No. 13414 targets modifications to the Customs Code, which would streamline import and export processes, reduce bureaucratic hurdles, and potentially lower operational costs for businesses. Simultaneously, Bill No. 13513 seeks to amend the Tax Code, offering tax breaks and other financial incentives to companies that invest in industrial projects. These measures are part of a broader strategy to boost Ukraine’s economy and foster sustainable growth. The government’s initiative reflects efforts to enhance the country’s global competitiveness and attract much-needed foreign capital.
Industry experts and economists have welcomed the move, highlighting its potential to stimulate job creation and technological advancement. However, there are calls for transparency and accountability in the implementation of these incentives to ensure they are effectively utilized. The passage of these bills marks a crucial phase in Ukraine’s economic reform agenda, with subsequent steps likely to unfold as the legislation moves toward final approval.