CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU Parliament Supports Tariff Cuts For Ukraine

EU Parliament Supports Tariff Cuts For Ukraine

by Ulrika Lomas, Tax-News.com, Brussels

08 April 2014


The European Parliament has backed plans to cut customs duties for Ukrainian exporters.

The unilateral measure is intended to boost Ukraine's economy by saving its manufacturers and exporters about EUR487m (USD667.3m) a year.

Approximately 98 percent of the customs duties on Ukrainian iron, steel, farm produce, and machinery manufacturers will be removed at European Union (EU) borders. The waiver will cover 80 percent of farm produce exports and 94.7 percent of industrial goods.

Parliament backed the plans by 531 votes to 88, with 20 abstentions. The reductions are set to apply from May. Ukraine will not be expected to reciprocate, but it will be prevented from raising its customs duties on EU products.

Parliamentary rapporteur Pawel Zalewski said: "The European Parliament has supported an EU path for Ukraine for many years. This is our first chance to demonstrate our support in practical terms."

To proceed, the European Council of Ministers must now give its formal approval. According to the EU's foreign policy chief, Catherine Ashton, the preferences "will start to be applied within a few weeks."

The changes will apply from the date they are finally approved, until November 1, 2014, or until the EU-Ukraine association agreement – a comprehensive free trade deal – enters into force.

TAGS: tax | European Commission | tariffs | trade treaty | agreements | tax rates | tax reform | trade | European Union (EU) | Ukraine | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »