Ukraine's Parliament adopts amendments to Budget Code for mineral agreement with US
Source: Yaroslav Zhelezniak, First Deputy Head of the Verkhovna Rada Committee on Tax and Customs Policy, on Telegram
Details: Draft law No 13256 was passed in its second reading on 4 June, with 309 MPs voting in favour.
Zhelezniak reported that the text of the bill remained largely unchanged between the first and second readings.
The final version proposes that half of the national and local budget revenues from payments related to the use of subsoil resources for extracting minerals identified as assets of the US-Ukraine Investment Fund be transferred to the special fund of the state budget.
Ukraine's contribution will consist of 50% of the proceeds received after the agreement enters into force, specifically from:
royalties on the extraction of natural resources (oil, gas, gas condensate, and everything listed in Annex A of the agreement) from new licences;
the issuance of new special permits for subsoil use;
the sale of the state's share of production under new production sharing agreements.
"These funds will be credited to the special fund of the state budget and, by decision of the chief administrator (presumably the Ministry of Economy), will be transferred to the Recovery Fund," Zhelezniak said.
The bill also specifies that income related to natural resource assets includes only revenue derived from or in connection with the issuance of new licences or permits after the agreement takes effect and/or from operating licences or permits issued before the agreement but not previously used for commercial purposes.
Background:
On 1 May, Ukraine's Economy Minister Yuliia Svyrydenko and US Secretary of the Treasury Scott Bessent signed a minerals deal.
On 8 May, the Verkhovna Rada ratified the agreement establishing a joint investment fund between Ukraine and the US.
President Volodymyr Zelenskyy signed the ratification of the mineral deal with the US on 12 May.
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