OREANDA-NEWS. July 31, 2012. The Government will promote investment in priority sectors through tax and customs incentives. This was started by vice Prime Minister of Ukraine - Minister of Social Policy Sergiy Tigipko in Parliament, introducing a package of three bills aimed at supporting investment activity. Bills were passed by Parliament in first reading.

"The purpose of making laws is to create conditions to facilitate investment by customs and tax incentives, regional development and job creation. For this propose the Government will concentrate its resources on priority areas of economic development" - Sergiy Tigipko said.

According to Vice-Premier the draft legislation, in particular, provides for exemption for 5 years, since 2013, from payment of import duty on imports of equipment and components related to the implementation of investment projects in priority sectors of the economy. This rule applies to new equipment which is not made and has no analogues in Ukraine. In addition, from 2013 to 2022 for economic entities, which implement investment projects in priority sectors, provides a zero rate of income tax in the first 5 years and reduced rate of eight percent over the next five years. According to Sergiy Tigipko, the Government has mechanisms to protect against abuse of tax benefits.

"Exemptions from income tax provided only by the size of the actual investment in the economy of Ukraine. Funds from the benefits of income tax will be credited to a special account and may only be used to expand production and repayment of loans under the project ", - said Sergei Tigipko. He also added that establishes responsibility of project managers to implement the terms of state support. In the event of any breach of 2 years from the date of registration of the company must return all the benefits.

According to Sergiy Tigipko, the bills will also help create new jobs. Thus, investment projects must pass state registration, approval of the Government and meet clear criteria, among them - the number of jobs created to obtain public support.