Law No.1242-XIV of 1999 on measures on state support of shipbuilding industry of Ukraine. Country/Territory Ukraine Document type Legislation Date 1999 Source FAO, FAOLEX Subject Fisheries Keyword Fishing vessel Credit Special fund Contract/agreement Geographical area Black Sea, CIS (Commonwealth of Independent States), Eastern Europe, Europe, Europe and Central Asia Entry into force notes Entry into force on 1 January 2000. Abstract This Law is aimed at effective utilization of industrial, scientific and technical and exporting potentialities of native shipbuilding, as well as increase its competitiveness, creation of favourable conditions for involving investments, both native and foreign, reduction of shipbuilding costs and growth of working capitals of the shipbuilding enterprises. The following measures of state support of shipbuilding industry shall be applied for the period from January 1, 2000 till January 1, 2005: 1). advance payments from ship customers, under the contracts of shipbuilding enterprises, specified in part two of this Article, as well as funds allocated as credits and being received by these enterprises from the banks of Ukraine in order (to direct these credits) to finance building of ships under the contracts shall enter in special accounts of those enterprises and may be used only for target destination, in accordance with the contract obligations of abovementioned enterprises and are not subject to their indisputable writing off; 2). the Cabinet of Ministers shall establish the list of shipbuilding enterprises, to which the aforesaid measures shall be applied, except enterprises – subjects of special (free) economic zones, in accordance with results of their activity in 1999; 3). sales of goods, manufactured by the enterprises of shipbuilding industry of Ukraine at the expense of the State Budget, shall involve imposing the value added tax at zero rate; 4). designing of ships, provided by native designers in accordance with the shipbuilding contracts of the aforesaid enterprises, shall be exempt from the VAT. Full text English References - Legislation Amended by Law No.2892-III of 2001 regarding amendments to the Law No.1242-XIV of 1999 on state support of ship-building industry. Legislation | Ukraine | 2001 Keyword: Fishing vessel, Subsidy/incentive, Credit, Special fund Source: FAO, FAOLEX