The Ministry of Economy may review the import duty

The Ministry of Economy is concerned about the negative impact of import duty on local Ukrainian producers and urge companies to report how much they lost because of it.

This was announced during the forum "Export. Second Wind" by the Deputy Minister of Economy, Trade Representative of Ukraine Natalia Mykolska, the "Delo" writes.

"Everyone understands why this duty was introduced, the MEDT is not proud of it – Mykolska said – but it was an objective necessity. But now the Minister of Economy initiated the study of the impact of import duty on exports to Ukraine. If you have a calculation of how this duty affected the export potential of your industry, including the inflow of foreign currency to Ukraine, we would be happy to get them."

According to Mykolska, the Ministry requires specific facts and figures: "We have heard that producers lose a lot (because of the duty) in terms of cost, we lose markets that our company were potentially preparing to enter. Therefore it is very important to find this balance, and that is why we want to hear from you."

Recall that the temporary import duty on any goods, that are imported into the territory of Ukraine and are tax deductible, became effective on February 24. It was 5% for food and 10% for all the rest.