The Cabinet of Ministers has updated the rules for trading in used cars
The published changes apply only to business entities. No changes are expected for individuals yet.
Amendments to the wholesale and retail trade in used cars have been prepared. The Ministry of Internal Affairs of Ukraine has published a draft resolution of the Cabinet of Ministers. The purpose of the document is to de-shadow the market and increase budget revenues.
The draft law provides that an individual who transfers a vehicle for sale to a business entity engaged in commission trade in vehicles must provide information on the average market or appraised value determined in accordance with the law (at the individual’s option).
In addition, business entities engaged in commission trading in vehicles will refuse to accept vehicles for commission without a document confirming their value in cases where income from the sale of vehicles is subject to taxation.
