Verkhovna Rada (Parliament) of Ukraine has passed in the first reading the draft law №2456 on state support of investment projects with considerable investments.
The bill envisages fixing a state institution membered by investment managers to be empowered by Cabinet of Ministers of Ukraine to accompany investors in the course of preparation and fulfilment of investment projects with substantial funding.
The bill stipulates that the public support can be granted to an investor as tax privileges (exemption from the companies’ profit tax and the customs for new equipment (machinery) imported into Ukraine, as well as granting rights for land plots use to realise the investment project, securing it with the adjacent infrastructure objects like roads and power mains, etc.
However, the total public support shall not exceed 30% of the project’s investments value.
The draft law also suggests definitions for the requirements towards investment projects and investors which might seek for the state support, namely: at least €30M equivalent investments assigned for the venture, territory of Ukraine as the place, and the industries being processing production, infrastructure and logistic, daily wastes treatment, tourism, health care, education, sport etc., creating at least 150 jobs with the average wages at least 15% higher than the average wages in the corresponding sector in the region in the previous year; the project’s implementation term shall not exceed 5 years.
There is also a special investment agreement introduced as an institution to be concluded between an investor and Government of Ukraine in the course of a large funds investment project realisation, as well as special procedures of applying, deciding on feasibility, investors’ rights guarantees establishing etc.
Minister of Economy Development, Trade and Agriculture of Ukraine Ihor Petrashko advised in early July that in case of the bill’s adoption, the HQ for those ‘investment nannies’ will be State Investment Promotion Office – UkraineInvest.
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