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Investors will be granted free customs zones

Posted by the Editor on January 30, 2014

News / 30 January 2014 | 12:40

Investors will be granted free customs zones

Investors will be granted free customs zones

Free customs zones with special preferential treatment can be established in any territory, according to decision of local authorities and at request of businessmen. In those parks, business entities will be exempt from customs duties and non-tariff regulation of foreign trade activities, Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
Ukraine’s Ministry of Economic Development and Trade has drafted a bill assuming the removal of restrictions for establishment of Free Customs Zones (FCZ) of industrial type, exclusively in the territory of Free Economic Zones (FEZ). Thus, the government intends to stimulate the investor interest to activities in Ukraine and enhance the development potential of Ukrainian regions. The bill has been published at the Ministry website for public discussion.
Also, the government is planning to update the Customs Code of Ukraine for FCZ activities. These changes will set the rules for business entities to be exempted from customs duties, as well as from activities and methods of non-tariff regulation of foreign economic activity. “These innovations will increase the number of free customs zones (industrial type), thus leading to enhanced investment activity in Ukraine”, noted Victor Kovalenko, Director of Department for Investment-Innovation Policy and Development of Public-Private Partnership at Ministry of Economic Development.
The Ministry takes first-priority actions to attract investment and stimulate the interest of major investors in Ukrainian activities, which was noted today by Ukraine’s acting Prime Minister Serhiy Arbuzov during the opening session of the Cabinet. He requested that Ihor Prasolov, Acting Minister of Economic Development and Trade, Yuri Kolobov, Acting Minister of Finance, and Oleksandr Klimenko, Acting Minister of Revenue and Duties, to intensify their dialogues with investors.
Increasing customs freedom for businessmen in the time of total control and regulation is bold, but justified, believe government experts. Establishment of free customs zones will provide the major investors with extra opportunities in building logistics, more understandable strategy for development of production, and optimal distribution of material, labor, and financial resources.



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