Ukraine Adopts Law Creating Crimea Free Economic Zone

On 14 August 2014, the Ukrainian parliament adopted a draft law that includes the creation of a Free Economic Zone in the Territory of Crimea and related tax and customs rules.

Key aspects of the law include:

• The Free Economic Zone will be created for a period of 10 years, and includes the Republic of Crimea and Sevastopol City
• National taxes and duties, including corporate tax, individual income tax, and VAT will not be applied in the zone
• Goods traded between Ukraine and the zone are subj…