The introduction of the new import duty will lead to an increase in shady smuggling schemes and affect the value of goods, experts say.
The introduction of a 10% tax on foreign exchange import transactions may lead to an increase in the cost of goods and services, as well as the emergence of new corruption schemes. The European Business Association has warned about the dangers of introducing the duty.
“There are fears that this initiative may be considered by countries as an additional taxation of imports, in particular, a discriminatory measure in relation to goods and services from countries that have provided Ukrainian goods with largest aid regime and eliminates duties,” the EBA notes.
It is noted that the introduction of such a proposal requires preliminary negotiations with the EU and the World Trade Organization.
The introduction of the fee will lead to inflation due to the increase in the cost of the food basket, due to which, in order to maintain the solvency of citizens, it may be necessary to apply payment measures.
The EBA recalled that there are critical imports, which are often irreplaceable in Ukraine, namely: oil products, gas, coal, fuel, medicines, active pharmaceutical ingredients for the production of medicines, telecommunications equipment used for the development and restoration of telecommunications networks.
Another problem is that the new fee may lead to increased pressure exclusively on the “white” business, and the shadow sector of the economy will retain a competitive advantage in the Ukrainian market. At the same time, it is likely that with the introduction of additional taxation of imports, the volume of official import operations will further decrease, which will not lead to an increase in tax revenues. At the same time, this may have the opposite effect in the form of an increase in the volume of commodity smuggling, the Association believes.
In this regard, the EBA appealed to the Cabinet of Ministers, National Bank and parliamentary representatives with a call to fully assess the risks from the introduction of this tax for both the state and business before making a decision.
“After all, a large part of companies in the current difficult conditions may not be able to withstand such a load, which may result in a reduction or even closure of businesses. And these are revenues to the state budget, work that the business provides to the population. , wages, etc.”, – said the message.
The EBA, if necessary, offers to hold an extensive discussion with the participation of business, where companies can talk about all the possible consequences and effects for business.
Finance Minister Sergei Marchenko announced the development of the Cabinet of Ministers of additional duties on imports. The initiator is the National Bank. It provides for the introduction of a 10% fee on foreign exchange transactions for the purchase of all imported goods and services.
The text of the bill has not yet been registered in the Rada.
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Source: korrespondent
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