With each year Ukraine becomes more attractive for the foreign investors, so settlement of privileges that they get on the legislative level is a very important stage for the state’s economy progress. According to information of the Statistics Committee of UNCTAD, Ukraine takes 3 place among countries with transitional economies (only Russian Federation and Kazakhstan are above the Ukraine) by the amount of accumulated investments; it confirms that foreign investors are interested in the Ukraine. That is why investors are more interested in doing business in Ukraine and questions of importing investment equipment in Ukraine become more relevant.
Foreign investors often need to import equipment from abroad in order to perform their activities keeping up with scientific progress and competitors. This is because in most cases the national capacities for development and production of certain facilities, equipment, and industrial complexes are insufficient to meet the needs of investors who are seeking profit with maximum payback on the territory of Ukraine.
In the last years Ukrainian public authorities adopted many legislative acts aiming to create favorable environment for foreign investors. With each new legislative act, privileges of foreign investors, who are willing to perform or are performing their activities in Ukraine, are extended.
On June 1, 2012 the new Customs Code of Ukraine will come into force and it will fix the privileges regarding amount and singularity of customs dues payments for importing equipment to the statutory fund by the foreign investor. So, according to the Customs Code of Ukraine foreign investors are released on payment of an entrance duty for the imports equipment, provided that it is imported no less than 3 years for direct use of business activities in the custom territory of Ukraine. Also, these privileges have equipment, which investors import to the custom territory of Ukraine with a view to a contribution to the charter capital. Rule of Customs Code of Ukraine give us concept of the “Equipment”. Equipment is the any movable property, including property, which has conditions of a real property (vehicle and other self-propelled unit, excepting commercial vehicles). Compliance of some cautions about sale of this equipment by investors is very important condition for the use to these privileges. This caveat concerns the fact that imported equipment should not be disposed of within three years from the date of enrollment in its balance sheet. In case if you still need arise in the disposition (sale, donation, etc.) imported equipment prior to the expiration of three years, the investor will have to pay import duty on the same basis as provided by the Customs Code of Ukraine and other legislative acts of Ukraine.
The Ukrainian government seeks to improve the environmental situation at the expense of energy production from renewable sources that do not harm the environment, that’s why in recent years Ukraine has taken steps to encourage the enterprises as much as possible to produce energy from renewable sources (wind, solar, tidal, etc). And the Customs Code of Ukraine provides another benefit for businesses that import energy-efficient equipment and other equipment that runs on renewable energy sources. Such entities are exempt from import duties on equipment that runs on renewable energy, energy-saving equipment and materials instrumentation, control and management of energy resources, equipment and materials for the production of alternative fuels or to produce energy from renewable sources energy, provided that these products will be used for own production company, and if identical products with similar quality characteristics are not produced in Ukraine.
Using analyzed information, we can make a clear conclusion that Ukraine as a whole, and the state authorities of Ukraine in particular, carry out significant reforms to create a supportive, safe (from the legal point of view) environment to encourage foreign investors to increase their investments in the economy. According to official figures of the National Statistic Department of Ukraine the number of foreign investments in fixed assets during the period from 2002 to 2011 grew up by more than 3 times, and this means that reforming of economic and legal environment in Ukraine does not go in vain and again, of course, confirms the increasing interest of foreign investors to Ukraine.