Ukraine to cancel VAT on scrap

The State Tax Administration of Ukraine (STAU) has initiated the cancellation of VAT collection on scrap for scrap collectors. Alexander Kireev, the head of the STAU commented that yearly Ukrainian budget is losing approximately UAH 300-400 million (approx. $60-80 million) due to rebate of VAT to illegal exporters of scrap. He believes that the cancellation of VAT collection on scrap would be able to increase the transparency of the scrap market in Ukraine.