You're reading: Parliament passes law on tax and customs control in free economic zone of Crimea

The Ukrainian parliament has passed a law on the tax and customs control in the free economic zone of Crimea and the specifics of carrying out operations on the temporary occupied territory of Ukraine.

A total of 227 out of 332 lawmakers registered in the session hall supported the document.

According to the law, the free economic zone of Crimea is introduced in two administrative and territorial units of Ukraine, as well as Republic of Crimea and Sevastopol City.

According to the document, the special law regime for economic operations of individuals and companies, including the special procedure for applying the requirements of the regulatory, tax and customs laws of Ukraine and the special regime of internal and external migration of individuals, is in effect. A free customs zone is created within the free economic zone of Crimea.

The free economic zone is created without agreeing it with the relevant local self-government or executive power agencies. National taxes and duties are not collected on the territory of the free economic zone. Individuals who have the taxation address on the different territory of Ukraine than the free economic zone is obliged to declare property in their ownership on the territory of the free economic zone of Crimea.

The law says that goods which were made, processed or were in free turnover on the temporary occupied territory of Ukraine until the law on ensuring the rights and freedoms of citizens on the temporarily occupied territory of Ukraine are considered goods with the Ukrainian status which can be freely moved to other territory of Ukraine without the application of the tariff and non-tariff regulation of foreign economic operations until Jan. 1, 2015.

According to the law, Ukraine guarantees the protection of property and non-property rights of individuals and companies on the territory of the free economic zone of Crimea according to Ukrainian law, including foreign investment.

State guarantees to secure domestic and foreign local loans of the Autonomous Republic of Crimea and Sevastopol City and persons staying on the said territory are not given.