Ukraine: "soy amendments" could be cancelled - 22.11.2019
Early cancellation of the provisions of the Tax code of Ukraine, which regulate the special taxation procedure of value added tax on the exports of soybeans, is economically unviable, declared the Head of the Department of financial and credit policy at the National scientific center “Institute of Agrarian Economics”, Ph.D. in Economics, Leonid Tulush, on November 18.
According to him, after the first year of operation of "soy amendments" in Ukraine, the processing volumes of soybeans and export of its by-products significantly increased. According to the State Statistics Service of Ukraine, for 9 months of 2019 the production volumes of soybean oil totaled 221.2 thsd tonnes, up 1.5 times compared with the figures of January-September last year. Also, in the reporting period the production volumes of soybean meal increased in 1.45 times.
For 9 months of 2019, the export volumes of soybean meal increased in 2.4 times compared with the same period last year, and the volumes of soybean oil — up 1.8 times. At the same time, the export volumes of soybeans increased in 1.6 times.
In addition, L.Tulush added that in case of observation of the legally established terms of "soy amendments", Ukraine will significantly increase the figures of soybean processing. Before beginning of the experiment, in 2010-2018 period the oilseed processing industry received 22-23% of soybeans only, but at the time of its closing in 2022, the figures can reach 65-70%.