President of Ukraine Viktor Yanukovych signed the law on making amendments to the Tax Code, by which a floating excise rate is introduced for fuel, depending on the cost of oil on the world market.

"President of Ukraine Viktor Yanukovych signed Law No. 4677-VI "On Making Amendments to Section 5 of Part XX "Transitional Provisions" of the Tax Code of Ukraine on Regulation of Excise Duty Rates," the statement from the press service of the Head of state reads.

Amendments to the Tax Code, developed by the Energy and Coal Industry Ministry of Ukraine, are aimed at ensuring stabilization of prices for motor gasoline in the wholesale and retail segments of the national oil products market. Excises for gasoline and diesel fuel now will be reviewed once in 10 days, depending on the price of Brent oil in London.

Thanks to regulation of the excise duty rate and stabilization of prices in the filling stations network, the government hopes to achieve reduction in the prime cost of domestic goods and services. The government also expects that amendments to the Tax Code will support the current trend toward reduction in the cost of oil products on the backdrop of reduction of oil prices in the world, as well as will stabilize the cost of oil products on the national market.

As reported by UKRINFORM, the Verkhovna Rada has adopted the law on making amendments to the Tax Code on the floating excise rate for fuel on May 15, 2012.

UKRINFORM