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Economy Ministry Bringing Customs Tariffs In Line With WTO Norms

March 7, 2008

The Economy Ministry of Ukraine has published the bill ‘On amendments to the Customs Tariff of Ukraine’, which concerns fulfillment of the tariff obligations on goods imported to the customs territory of Ukraine reached in course of the negotiations on Ukraine’s accession to the World Trade Organization (WTO).

As the press service of the Economy Ministry of Ukraine has reported, according to the bill, the rates of import duty on production and goods are being brought in line with the level determined by the Ukraine’s schedule of tariff obligations on goods for 2008.

Thus, the average monthly import duty rate, in general, after the revision of the level of rates with the adoption of the bill, will make up 4.94% (compared to the current 6.51%), including for the group of food products – 9.13% (against the current 13.84%), and the group of industrial products – 3.71% (against the current 4.40%).

According to the statistical data on imports for 2006, the budget revenues from import duty on goods indicated in the bill may reduce almost by USD 160 million (taking into account preferential rates on separate goods), including in groups of food products – by USD 65 million, and in groups of industrial products – by USD 95 million.

Compensation of the state budget losses resulting from the envisaged reduction of import duty rates for goods is possible due to extension of the tax base. In particular, this is conditioned both by a certain increase in the volumes of product imports and by a partial change of their geographic structure.

In general, in line with the decision of the Customs-Tariff Council, following the implementation of the norms envisaged by the bill, in the part concerning the changes to the import duty rates for separate types of goods, the budget revenues will amount to USD 3.3 million.

It should be reminded that on February 5, Viktor Yuschenko and Director-General of the World Trade Organization Pascal Lamy signed the Protocol on Ukraine’s accession to the WTO. According to the Head of Ukrainian state, the next step in cooperation between Ukraine and the European Union should be negotiations on creation of a free trade zone. The Ukrainian side considers it to be the first progress towards realization of the principle of four freedoms: free movement of persons, goods, services and capitals across the borders. As the President noted, the negotiations between Ukraine and the EU concerning creation of a free trade zone will continue approximately 10-12 months.

Tags: WTO