The national Bank predicts a negative impact of coronavirus on GDP growth

The effect of coronavirus on the balance of payments of Ukraine will be insignificant, but the pandemic is likely to have a negative impact on the growth of the economy as a whole.

В Нацбанке прогнозируют негативное влияние коронавируса на рост ВВП

This was at the briefing said the Deputy Chairman of the National Bank Oleg Churiy, reports UKRINFORM.

“Today, it is difficult to make a significant assumption (about the effects of coronavirus — ed.). With regard to the balance of payments, namely, exports and imports, it is likely that the impact will be neutral to possibly even positive. After all, this is due to the fact that energy prices are very much reduced,” said Curi.

He explained that due to the decrease in hydrocarbon prices Ukraine for import in this part of the will pay less.

With regard to exports, the Ukraine is a major exporter of food products, and their prices and although several fell, however insignificant, so in this part of Ukraine will not suffer losses.

“As for the impact on GDP, namely the economy, it is obvious that the impact will be negative. But by far the positive effect will be the legislative changes that were adopted today by the deputies”, — said Curi.

As reported by UKRINFORM, the Verkhovna Rada at an extraordinary meeting on 17 March 2020, adopted in whole the law on amendments to the Tax code of Ukraine and other laws of Ukraine concerning the support of taxpayers for the period of the implementation of measures aimed at prevention of emergence and spread of coronavirus disease (Covid -19).

The law provides priority tax steps to support entrepreneurs in case of force majeure.

So, on March 1, OED April 30, are exempt from the payment of ERUs, all physical persons-entrepreneurs and persons engaged in independent professional activities.

Temporarily lifted the fines and penalties for untimely or incomplete payment of ERUs, as well as improper reporting of ERUs.

In addition, the business is exempt from major fines and penalties for violation of tax legislation from 1 March to 31 may. This rule would not apply to violations of VAT, excise taxes and rents.

3 month delayed the mandatory introduction of cash registers for all categories “uproschentsev.”

From 18 March to 31 may, establishes a moratorium on carrying out documentary and physical checks. Checks that were to begin during the specified period will be included in the updated schedule of audits commenced and in progress inspections will be suspended.

Land tax and rental fee is not charged for land plots of communal and state property, which are leased to physical and legal persons and which are used in economic activities.