The Verkhovna Rada Committee recommended the adoption of a draft law on agricultural receipts

The Committee on Finance, Tax and Customs Policy of the Verkhovna Rada of Ukraine at its meeting on April 7, 2020, considered the Draft Law on Amendments to Certain Legislative Acts of Ukraine on the Functioning and Circulation of Agrarian Receipts (Reg. No. 2805).

As a result of the review, it was decided to recommend that the Verkhovna Rada adopt the draft law as a whole. 15 members of the Committee spoke in favor, four abstained.

“Agrarian receipts have been used successfully in Ukraine for five years and have helped attract over UAH 25 billion to the agricultural sector. Drawing on the experience gained, a new law has been developed that will allow us to reach a new level of use of this financial instrument and make it more widespread. The law not only introduces agrarian receipts in electronic form, but also makes the process of their issuance and circulation cheaper and faster”, – commented Timur Khromaev, the Head of the NSSMC, when answering questions from MPs.

The development of this financial instrument has been supported for many years by IFC, one of the subsidiaries of the World Bank Group, which is the largest global development institute focused on supporting the private sector in emerging markets.

According to IFC, a total of 3,700 agrarian receipts totaling UAH 25 billion were issued in Ukraine.